According to rentBits, a rental search engine for apartments and rental homes, the average rental rates for San Francisco has seen a 10% increase August over July, and a 4% increase September over August. Collectively, across all bedrooms, the average rental rates has risen from $2,488 in August to $2,492 in September.
“As demand for rentals begins to increase, and supply remains constant, average rental rates will continue to climb.” says Dan Daugherty, CEO of rentBits. “In San Francisco, our data shows rental rates increasing for both apartments and single family homes.”
In most cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single family home rental, moving back in with family or sharing rooms with friends. This transitional period has but downward pressure on most apartment rental rates.
What’s different in San Francisco? People want to live here. Why? Because San Francisco is (in my extremely humble opinion) the BEST city in the entire world.
Unfortunately for SF home buyers, prices are also creeping up, so San Francisco is getting more expensive no matter how you want to arrange your housing situation. But if you’re reading this blog, I’m guessing you’ll agree that it’s worth every extra penny to live here.