By Anna Marie Erwert at SFGate.com
We already knew the rent was too damn high, even before we published a report this February showing not only that the median for a one bedroom apartment in the city had jumped to $3,460, but that even formerly cheaper neighborhoods were now among the pricey. (To check out a map of the city’s crazy rents by ‘nabe, go here.)
Apparently though, they weren’t high enough. According to Zillow, the new median rent in San Francisco is $4,225 a month.Zillow’s data compose the “Zillow Rental Index” (ZRI). This index shows rents up 16% year-over-year (YOY) this April, and take into account all types of rentals in San Francisco proper, from single family homes to condos to in-laws.
The whole Bay Area, in fact, shows a rental market on fire. Increased rents in Oakland (up 21.6% YOY); Berkeley (up 30.9% YOY); Emeryville (up 29.5 YOY); San Jose (up 14% YOY) and even Daly City (up 201.1% YOY) make the San Francisco Metropolitan region the fastest growing rental market in the USA.
How high is too high?
Each month seems to bring fresh horror for renters in San Francisco– reportedly, even well paid tech employees are looking elsewhere at this point. We have to ask, readers, at what point is “too high” actually too high?