Lots has been reported over the past year about skyrocketing rent prices around the country. Anyone who lives in major metros like San Francisco and New York feels the squeeze on their wallets. When I was apartment hunting in Park Slope back in April, I was informed that rents had just increased dramatically in January 2013. This made for sad news, but the cool thing is that we can see it in the data:
Lots of editorial coverage has happened about the rise of rent prices on blogs like SFgate and the New York Daily News. While it's no secret that there's a rental boom in these cities and finding an apartment is hard, is the data really as bad as many people make it out to be?
Rent Trends by City
One of my favorite features on HotPads is our Rent Trends by City, which you can see on any major city page. If you click to the Trends tab on the page, you will see a trendline of rent prices over the past year. For example, here is San Francisco:
You are able to then narrow down by type of property and number of bedrooms. Here are the trends for studio, 1 bedroom, 2 bedroom, 3 bedroom, and all bedroom apartments in San Francisco:
Are rents going up?
HotPads' parent company, Zillow, has a Local Information page that allows you to not only look at information on your specific area, but it also allows you to download the data and play with it from there. If you look over the last year, across San Francisco, rent prices have increased by 5.7% year over year. However, this isn't true for all areas.
Here are 5 neighborhoods that have not increased in San Francisco:
And here are the 5 neighborhoods that have increased the most:
Where can I find these trends?
Every city has a trends tab where you can view the charts to your heart's desire.
We hope that this data will help you to make a better decision about whether a rental's listing price is reasonable or not. Of course, the price is also influenced by the location, desirability of the neighborhood, and amenities, but we firmly believe that more data is better than none. We also include the difference from the median on every listing page.
Towards the bottom of the page you can compare the listing to the neighborhood, city, state, and even school district:
As always, we'd love to hear your feedback on what you would find most interesting.