Rents skyrocket in some S.F. neighborhoods, decline in others
It’s tempting to think that rents are going up in every San Francisco neighborhood. However, according to listing service Zumper, that’s not the entire picture. While the city saw a 13.5 percent increase in 2014, a neighborhood breakdown shows a little bit different analysis.
For example, as SFGate notes, the Mission skyrocketed 20 percent this year and is now in the position to command $3,240 in monthly rent for a one-bedroom apartment. Meanwhile, in Noe Valley, a nearly 30 percent increase this year gives the family-friendly neighborhood the largest such increase in the city in 2014.
But that’s not the picture city-wide. Up on Nob Hill, we saw a 6.3 percent decrease in rents, while Russian Hill was down 4.3 percent and both Pacific Heights and the Marina went down 1.4 percent this year. “(These neighborhoods) have hit somewhat of a pricing equilibrium, with several of our clients mentioning that their vacant inventory in these areas has started to build up for the first time in two years,” Zumper wrote on its blog.
So where else in the city are rents on the increase? If you look away from the northern neighborhoods, you’ll see plenty of places where competition is getting ever more heated. In the South of Market area, rents were up 9.4 percent, due largely to expensive new developments as well as Mission proximity. The southern neighborhoods also enjoy convenience to tech shuttles and Caltrain, which draw plenty of workers who commute to Silicon Valley. This is also the case in NoPa, which saw an increase of 15 percent in rents this year, as compared to nearby Alamo Square/Western Addition, where rents went down slightly.
The Outer Sunset is also looking ever hotter. Here there was a 16 percent increase in rents, bringing the total to $2,100 average for monthly rent. That’s not all that much less than $2,620 in the Inner Sunset. Zumper expects that higher prices will continue for the Mission and SOMA as well as Dogpatch and Potrero Hill.
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