Having ended last year lower than where they started, asking rents for apartments in San Francisco have since ticked up a little over 3 percent since the beginning of the year, but the majority of said gain can be attributed to normal seasonality.
In fact, based on a comparison of nearly 2,500 listings, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, is currently running around $4,150 a month, which is 0.9 percent higher than at the same time last year but still 7.1 percent below its peak in the fourth quarter of 2015 with the average asking rent for a one-bedroom in the city now running around $3,500 a month having ticked down from around $3,650 in 2015 but up from $3,400 at the end of last year.
At the same time, while the weighted average asking rent for an apartment in Oakland has slipped around 2 percent since the beginning of the year to roughly $2,500 a month, which is 16 percent below a mid-2016 peak, it’s now running around 2 percent higher versus the same time last year, with the average asking rent for a one-bedroom in the city now running around $2,200 a month, which remains 37 percent less expensive than in San Francisco versus 38 percent less expensive at the same time last year.
Could you show the average/median rents by building age? I.e. rents in buildings built less than 5 years ago, 20 years ago, etc. That would help filter out the impacts of a change in mix.
For a 1 bedroom, 3,500/month= 42,000/year. Which is around 60,000/yr of pre-tax income. Wow, people must make a lot of money to spend this much on housing alone.
A lot of people here do not make a lot of money. They struggle. Their quality of life is poor, and they leave for more affordable areas. They are always replaced because of course. Human population is at 7.6 billion and climbing. SF will not run out of people looking for a place – but it does not mean it is a good system.
it’s usually divided by 2. Most people in 1 bedrooms are couples. $1750 each is a lot more reasonable.
Where do [you] find the 2500 units to get your numbers from?
But unexpectedly they fell first in SF (15Q4 vs. “mid’16”) So “last to the party, first to leave”, didn’t quite pan out…just like most other things in life, your mileage may vary.