Rent in San Francisco is incredibly expensive.
According to a new report from data company Priceonomics, the median rental price of a one-bedroom apartment was $US3,120 as of June 2014. That’s a big increase over just a year ago, when the median rental price was $US2,795.
“San Francisco is a beautiful place, with a bustling economy that has drawn tens of thousands of new residents over the past few years,” Priceonomics wrote in the blog post. “But the supply of housing is relatively fixed as large swaths of the city aren’t zoned for the type of high-density housing that could accommodate the increased demand. So the price of housing has increased.”
Priceonomics used its data crawling service to analyse apartment listings across the Internet. They created a series of charts to break down their findings.
This map breaks down the median rental price for a one-bedroom apartment in various parts of the city. According to Priceonomics’ analysis, the Financial District, Civic Center, and tech-centric Mid-Market neighborhoods like SoMa and the Mission were among the most expensive in the city in June of 2014.
As the city’s real estate market heats up, Mid-Market neighborhoods that haven’t historically been expensive are becoming more and more popular. In an effort to bring investment to these neighborhoods, much of the city’s new apartment construction has centered on these areas.
Twitter has its offices near here, as does Uber and Square.
Southern neighborhoods are also ideal for workers who live in San Francisco but have to commute to Silicon Valley for work.
“Proximity to the highways and shuttle buses that take tech workers south to companies like Google, Facebook, and Apple is also reorienting the real estate landscape,” Priceonomics writes. “Living in neighborhoods like Bernal Heights or Portero was once (arguably) like living in a backwater, but these commuting-friendly areas are now expensive and popular.”
According to this chart, which ranks each San Francisco neighbourhood according to the rent percentage increase from 2011 to 2014, rent for a one-bedroom apartment in Bernal Heights has more than doubled in just three years.
Still, rent has shot up pretty much everywhere in San Francisco. This chart compares how the median price for different types of apartments has increased from June 2013 to June 2014.
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