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Thursday, April 17, 2014

Confirmed Again: San Francisco Rent Is Too Damn High and Oakland Isn't Much Cheaper

Posted By on Thu, Apr 17, 2014 at 12:26 PM

click to enlarge Cozy studio apartment for rent -- only half your paycheck! - SCOT HAMPTON
  • Scot Hampton
  • Cozy studio apartment for rent -- only half your paycheck!

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?).

See Also: Photog captures satirical pics of rental market in S.F

Other irritating facts:

  • If you want a second bathroom in a San Francisco apartment, that'll cost you on average $500 extra a month.That's $6,000 in additional annual rent. Not to mention the mental price you have to pay for cleaning two bathrooms instead of one.

  • If you were going to hop on the East Bay bandwagon and move to Oakland you should know this: Oakland is the 11th least affordable city in the United States. People there are spending 36 percent of their paycheck on rent.

  • San Jose is the 7th least affordable city in the nation; residents there are spending 26 percent of income on rent.

click to enlarge APARTMENT LIST
  • Apartment List

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:

  • Friday is the best day to search for apartment rentals. The most leads are posted on Fridays but renters are still searching for apartments earlier in the week

  • Start your search in the early afternoon. That is when you will have the most active listings to choose from

  • Best time to search is September through December. "Due to a seasonal drop in demand, this remains the best time to search for apartment rentals."

Or, if you're really desperate, you could just pack up and move back to Texas.


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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.

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