After Year Of Rising Prices, Rents Drop In San Francisco Over Past Month
SAN FRANCISCO (CBS SF) -- While rental prices in San Francisco and the surrounding Bay Area have risen this past year, data shows a big drop in rents this past month, according to a report from the company Apartment List.
The Apartment List's November Rent Report notes that out of the 10 largest cities in the San Francisco Bay Area, San Francisco saw the fastest rent growth over the past year, with a year-over-year increase of 9.7%. But over the past month, rents in the city dropped over 1%.
"Currently, median rents in San Francisco stand at $2,395 for a one-bedroom apartment and $2,771 for a two-bedroom," the Apartment List report read. "San Francisco's year-over-year rent growth lags the state average of 12.8%, as well as the national average of 15.8%."
The company found that rents across the nation continued upward, but that growth has slowed significantly this month. The drop in San Francisco went against the national trend, which saw an average rent increase of 0.8%, but is less than half of last month's growth rate and the smallest increase since February.
As far as the Bay Area goes, San Mateo has the most expensive rents, with a two-bedroom median of $3,111. However, the city has also seen rents fall by 1.6% over the past month, the biggest drop in the Bay Area. Richmond has the least expensive rents in the San Francisco metro, with a two-bedroom median of $1,774; rents decreased 0.1% over the past month but were up 8.9% over the past year.
Data for the Apartment List's Rent Reports comes from the U.S. Census Bureau, the U.S. Department of Housing and Urban Development, and various private sources.