The rent in San Francisco is high, and it keeps getting higher.
According to a new report from online real estate marketplace Zumper, San Francisco is officially the most expensive place to rent a one-bedroom apartment, passing notoriously pricey New York City for the first time.
Zumper analysed more than 500,000 active listings in cities across the U.S., calculating the median rental price for various apartment types during the month of August 2014.
They found that San Francisco has the most expensive one-bedroom and two-bedroom apartments, with a median rent of $US3,100 and $US4,050, respectively. New York came in second, with median rents of $US2,995 for a one-bedroom and $US3,495 for a two-bedroom.
Still, the two cities are still in close contention, as the price per bedroom (ranging from studios to homes with more than four bedrooms) is still slightly higher in New York.
The chart below shows the data that Zumper compiled for 25 cities in the U.S.
Zumper CEO Anthemos Georgiades told the San Francisco Business Times that the results are to be expected.
“It’s an enormous testament to the demand — the Bay Area is buzzing,” he said. “But it’s also a humbling reminder of the structural supply-side factors that continue to drive upward pressure on prices: limited new construction on the way; rent control regulation that has led to very low vacancy rates; short term leasing which has spiked rents and taken long-term leases off the market.”