Like the SF Giants in the World Series, nothing can keep the price of apartments for rent in San Francisco down. The median rent for 1 bedroom apartments in the City by the Bay jumped 5.3% in October to $3,370 – 2 bedroom pads saw an even greater month over month increase of 7.1% to $4,500. At this pace, NYC apartments will stay in the rear-view mirror for a while. So what is driving this trend? Well, nothing new; the lack of housing supply besides brand new luxury condo buildings, coupled with the ever increasing demand of new tech recruits moving to the Bay Area.
Here are the other highlights from the October 2014 report:
LA vs. MIA – the sunshine battle. Apart from tying for the amount of sunshine hours they receive, Los Angeles and Miami are neck and neck when it comes to median rents. Renting a 1 bedroom apartment in LA will cost you on average $1,700 vs. $1,680 in Florida’s 2nd most populous city. Miami actually slid for the 3rd consecutive month. Despite a small month over month drop in October, apartments in Downtown Santa Monica saw the steepest rent hike looking at the last 3 months.
Appartements à Minneapolis – clinch the #10 spot from Philly. Despite no change in October, Minneapolis climbed to #10 in our monthly rent tracker due to a 5.8% drop in Philadelphia’s rents.
Columbus – the biggest rental price drop. Prices for 1 bedroom apartments in Columbus saw the largest month over month and quarter over quarter drop of our top 25 metros, falling -17.7 and 13.3% respectively.
Below is the summary from the Zumper rent tracker for 25 major US cities for the month of October:
Want to read more? Download the full October report here: October 2014 Rent Report.
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