New data from an apartment search engine has uncovered a not-so surprising fact about the Bay Area rental market: It's miserable.
Apartment List, which released a Rentonomics Data Report that provides information on rental trends across the top 100 U.S. cities, has declared San Francisco the second least affordable city in the nation. We spend 46 percent of our income on rent, versus "normal" cities where residents shell out 25 percent of their paycheck for rent.
What's more, rents have increased 6.24 percent since January 2013, according to Apartment List. San Francisco's average rental rate for a one-bedroom apartment is $2,824.99 while Oakland's is $1,514.43 (remember when Oakland wasn't cool and a one-bedroom by the lake was $800?).
Other irritating facts:
Per the report:
The report finds that renters in 20 percent of the top 100 U.S. cities are paying more on rent than what is recommended by financial experts. The report also shows that cities with the highest average rent prices are getting more expensive, and this trend is also spreading to neighboring cities and suburbs. Additionally, cities with the highest-priced rents are becoming even more expensive. Thirty-two of the 100 most expensive cities showed a rent increase of more than 3 percent since the beginning of 2013. The majority of these cities are based on the West Coast.
If you are still dead-set on living here, Apartment List has some decent tips to help you search for a new pad:
Or, if you're really desperate, you could just pack up and move back to Texas.