Looking at the median rent in San Francisco, you'd think the rental market is calming down a little. According to the Zillow Home Price and Value Report, the median list price in September 2013 was $3,300. Despite that high number, if you look at the month over month or quarter over quarter breakdown, rent hasn't been increasing. In fact, rent in San Francisco actually decreased by 2.9 percent from August to September, and month-over-month it's stayed the same.
This is true for many popular San Francisco neighborhoods, too: rents in Mission Bay, the Mission, South of Market, and Pacific Heights all fell more than 5 percent in the third quarter of this year. That's not to say that rent is more affordable in these neighborhoods – the median asking rent in Mission Bay was $4,270 in September, which explains why rents in more affordable areas – such as the Tenderloin and Outer Richmond – saw an increase.
So the great news is that the data shows that the San Francisco rental market is slowing down a tad bit. Compare that to the New York City rental market, where median asking rent in September 2013 was $2,880 and increasing 2.7 percent month over month.
Here's a look at what you can rent for the median list price in San Francisco top 5 most expensive neighborhoods (based on September 2013 data):
- Mission Bay: median rent is $4,270
325 Berry St #710, San Francisco CA
This 1-bedroom, 1.5-bath apartment also has a large den that can be turned into a second bedroom.
- South Beach: median rent is $4,200
388 Beale St, San Francisco CA
For $4,219 you can rent a 2-bedroom, 2-bath apartment in this luxury building.
- Potrero Hill: median rent is $4,150
1049 Carolina St #A, San Francisco CA
Get western views of the city in this 1-bedroom, 1-bath house high on Potrero Hill.
- Telegraph Hill: median rent is $4,000
Undisclosed Address, Telegraph Hill, San Francisco
This 800 sq ft, 1-bedroom, 1-bath home is right off the Filbert Steps, has a roof deck with views, and comes furnished.
- Eureka Valley – Dolores Heights – Castro: median rent is $3,900
4272-4280 23rd St #4276, San Francisco CA
This 3-bedroom, 1-bath first floor Victorian apartment has bay windows and a clawfoot bathtub to complete the look.