The San Francisco rental market continued to be the most expensive rental market in the country, reaching an all-time high of $3,460 for a 1-bedroom apartment. While prices in New York City remained largely flat at $3,000 last month, SF continued upwards, increasing 1.5% month over month and 3.3% over the last quarter.
One notable trend saw our predictions at the end of last year start to come true. Traditionally expensive areas toward the north have reached either equilibrium or begun to drop in price. Russian Hill (-4.3%), Pacific Heights (Unchanged), the Marina (-2.9%), Nob Hill (-2.4%), and Lower Pacific Heights (-3.0%) all realized this trend.
At a neighborhood level, Russian Hill locked down the top spot, despite a 4.3% drop, settling at $3,830. South Beach and the Financial District rounded out the top three.
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