San Francisco Has the Highest Median Rent among 25 Cities
Home renters looking for a potential one-bedroom unit to reside in will find that San Francisco has the highest median rent across 25 U.S. metro cities.
A latest national rent report from Zumper showed that San Francisco's median rent price for a one-bedroom unit was $3,490 for the month of January. The city's median rent may be one of the highest; however, the rate dipped 0.3 percent as compared to December 2015. This marked the second consecutive month of home rent decreases, which hinted of a softening in San Francisco's rental market. The month-to-month rent price growth may have slowed, but on a year-over-year basis, San Francisco's median rent price for one-bedroom units rose 2.9 percent. For two-bedroom units, median rent dipped 0.4 percent to $4,630 on a year-over-year basis.
Second on Zumper's list was New York with a median rent price of $3,280 for one bedroom units. Unlike San Francisco, New York's median rent price increased 1.2 percent from December and 5.8 percent as compared to the previous year. Following New York is Boston, which also saw a slight increase of 0.4 percent with a median rent price of $2,390. Meanwhile Oakland remained one of the hottest rental markets with median rent for one- and two-bedroom units rising 10.5 percent and 17.3 percent as compared to previous year, respectively. Median rent price for a one-bedroom unit in Oakland was posted at $2,210 and $2,660 for two-bedroom units.
Other notable changes in the Zumper report included a 3.3 percent spike in San Jose's one and two bedroom median rents. The California city's median rent for a one-bedroom unit was recorded at $2,200 and $2,800 for two-bedroom rentals. The city's year-over-year median rent price increase of 19.6 percent was also the highest among the 25 metro cities in Zumper's January national rent report. Austin and Tulsa rents for one-bedroom units also rose 1.8 percent to a median of $1,130 and 3.5 percent to a median of $590, respectively.
In other news, Super Bowl 50 has also pushed rates for short-term rentals in the San Francisco area, according to a report from The Denver Post. Residents were taking advantage of the influx of visitors to the Bay area given the highly anticipated Super Bowl 50 event. The rental rates for San Francisco properties ranged from $495 to as high as $10,000 a night for luxury properties.
Some homeowners with properties very close to the stadium have also listed their home for rent during the Super Bowl 50 festivities. Such was the case for homeowners Paul Arys and wife Laura Hernandez, who asked for a rental rate of $2,000 a night for their two-bedroom home, which is just a five minute walk from the stadium, as stated in the same report. The couple's usual rate for their home is only $500 a night, or $100 for one bedroom.