San Francisco drops to third most expensive city to rent in the United States

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SAN FRANCISCO (KRON) — Home sales are not the only ones affected by mortgage rates.

Rental prices are rising nationwide and demand for rental housing is at its lowest level since 2009, but in San Francisco the numbers have fallen. Cities in other parts of the country have overtaken San Francisco when it comes to high rents.

Last summer, New York City skyscrapers took the top spot in San Francisco for the most expensive rents. This month, San Francisco dropped to third place and Boston to second place, according to rental site Zumper.

Tom Temprano moved to San Francisco in 2004 and says the median room rate of $3,020 per month is still not an easy payment. “I’m a really bad cook and now I have to learn how to cook myself because I can’t really afford with as much as I pay my rent to go out to eat and do a lot of things,” Temprano said.

There is also a nationwide apartment shortage according to Crystal Chen with Zumper.

The company’s national rent report in October reflected competition among tenants. “We asked the same question about how many requests you submitted before signing the lease and the most popular answer last year was one, and this year the most popular answer was five or more,” said Chen said.

Apartment List also measures month-to-month rent prices, using a combination of census data as well as their own data. Senior research associate at Apartment List, Rob Warnock, explained where San Francisco falls nationally.

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“A lot of other parts of the country are now in some cases 10-30% more expensive today than they were in 2020 and in San Francisco where that’s actually not the case,” Warnock said. .

Warnock said high rent prices and high mortgage rates are discouraging everyone from making expensive lifestyle choices. “Home ownership isn’t even a dream, it’s a fantasy because of its unaffordable price,” Temprano said.

Experts say the silver lining is that rental prices drop in the winter as people shift spending towards vacations and travel. So if you’re looking for a deal, you have the next few months to do so.

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