San Francisco’s high-priced homes is as notorious as their boastful NBA Championship team: The Golden State Warriors. According to Fox Business News, the city previously went through a boom in the median prices of apartments due to the increase of tech jobs. “Economists said the weakening is being caused by a confluence of factors: slowing job growth, less demand from new buyers put off by high prices and, on the rental side, an increase in new apartment supply as developers try to cash in on a multiyear boom” (Fox Business News). With the reduction in high paying jobs, fewer people have become apt to pay for the higher priced smaller apartments, resulting in small decreases or flat-lined prices for rentals.
In Zumper’s National Rent Report for June 2017, San Francisco still remained the most expensive for those choosing to rent their homes. Although the price remains at the top, the median has yet to increase in the past year like numerous other cities across the United States. In fact, the one bedroom median price has decreased 6.1% in the past year. The median price for one bedrooms sustained at a whopping, $3,370 according to Zumper’s report. Although this number sounds like a hefty amount to pay for a one bedroom, as reported on Forbes, San Francisco remains at number two for starting median pay ($60,400).
A slight bit of positivity is always important, right?
If you are thinking of moving to San Francisco, or wanting to look into your options as a current resident, Curbed San Francisco should be your go-to guide for all things Bay Area real estate. Here you can relish yourself in articles, neighborhoods, and what the market realistically looks like as of late.
Although paying anywhere between $2,000-$4,000 for a ‘decent’ one bedroom still make be a hard pill to swallow, we can always take comfort in knowing that the numbers haven’t been going upwards and the quality of your humble abode’s is transitioning out of just the glitzy neighborhoods into the rest of the city’s reign.