SF no longer in the top 3 most expensive US cities for rentals

It’s a relatively good time to be a renter in San Francisco.

After holding the unfortunate title of most expensive city in the country for rent for years, San Francisco has never quite recovered from the pandemic and is now down to the fourth most expensive city in the U.S, according to a new report from the rental site Zumper. This is the first time ever that SF has fallen that low since the company began comparing city rental data in 2014.

In November, San Francisco was eclipsed by Boston, where rental prices rose slightly while SF’s declined by 0.3%. The median price of a one-bedroom apartment now sits at $2,970, while a two-bedroom will cost around $3,980.

Prices typically fall during cooler months and rental prices fell nationwide in November. Rates overall seem to be normalizing, though, in contrast to the roller coaster of the past four years. “We’re seeing most major markets settle into their new resting heart rates,” Zumper CEO Anthemos Georgiades said in the report. “Miami, for example, is more expensive than pre-pandemic; but it’s no longer seeing steep hikes month after month.” 

San Jose kept its spot on Zumper’s list as the sixth priciest city for rentals, as did Oakland, which came in at No. 11. A one-bedroom apartment costs an average of $2,480 and $2,090 per month, respectively. 

Meanwhile, rent in NYC is at an all-time high, reaching $4,300 a month for a one-bedroom. At 13.5% higher than at the same time last year, it’s continuing to buck the national trend of falling prices. The second most expensive city was Jersey City, NJ. 

Zumper’s report, which analyzes the prices for active rental listings for the 100 largest cities in the U.S., typically ranks San Francisco higher on its list than some other rental sites. ApartmentList’s most recent rental report has San Francisco as the fourteenth most expensive city for rentals, with Irvine topping the list and San Jose ranking fifth. 

When looking at the Bay Area, ApartmentList data shows that Foster City has the priciest rentals in the region, with a median one-bedroom costing $2,943. Dublin, Union City and San Mateo have higher prices than San Francisco.