San Francisco ended the year holding onto its position as the most expensive rental market in the nation. After a hot 2015, the median price of one bedroom units in the city has cooled off substantially, down 4.9% since this time last year.
The only neighborhood with double digit rent growth this December was Bayview, up 11.5% since this time last year. Bernal Heights (+9%), Western Addition (+9%), and Haight Ashbury (7%) had the next fastest growing rents.
Although many more neighborhoods had decreases in prices compared to last year’s year end map, NOPA had the biggest drop in rent prices, down 9% since last year. Noe Valley, down 8%, and Nob Hill, down 6%, had the next biggest rent decreases.
Overall, the priciest neighborhoods seem to have hit a price ceiling that renters are willing to pay and there seems to be a migration of of people from the most expensive neighborhoods like SOMA, Downtown, and Pacific Heights, to the outer, and less expensive, areas of the city, like Bayview, Bernal Heights, and the Outer Richmond.
If you’re interested in seeing how these changes compare to the rest of the United States, view our December National Rent Report, which analyzes over 1 million active listings available in the month prior to publication.
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