Posted Apr 13, 2015

10 San Francisco Neighborhoods with Record High Rental Rates

San Francisco neighborhoods are some of the most beautiful places to live in the U.S., and arguably, the world. The unique architecture, great weather, friendly locals and plethora of cultural offerings make San Francisco a one-of-a-kind hub that many renters flock to. There’s just one problem in this West Coast paradise: With high demand comes painfully expensive rental rates.

Golden Gate Bridge, San Francisco, California

One of my best friends moved to San Francisco with her husband several years ago, and at the time, could budget a one-bedroom apartment in the city– which to me, seemed like a Herculean task. However, once they realized that they were expecting a baby, they knew that they would need a two-bedroom apartment.

Goodbye San Francisco, hello Oakland. Though they are quite content with their living arrangement, it’s a prime example of just how expensive it can be to rent an apartment in the Bay Area.

While most renters will deal with the fact that living in a big city will require a higher rental fee, it’s a whole new ballgame in San Francisco. To help create a realistic budget as a San Franciscan, here are are some SF neighborhoods in the city that are known for median high rental rates:

Bernal Heights

Since Q1 of 2014, the median rental rate has increased by 24.7% to a whopping $4,100 per month. Bernal Heights is located on the southern boundary of the Mission Valley, boasting adorable cafes, family-friendly parks and loads of quiet residential streets.

10 San Francisco Neighborhoods with Record High Rental Rates - Bernal Heights

Castro

The Castro District experienced a 24.3% increase in its median rental rate since Q1, becoming one of the most expensive areas in the city with a median rental rate of $4,350 per month. The Castro is known for its vibrant progressive community, patio dining spots and many landmarks, including the beautiful Castro Theatre.

10 San Francisco Neighborhoods with Record High Rental Rates - Castro

Mission

The always-hip Mission District will cost you if you want to be a permanent resident: The median rental rate hovers around $3,995 per month. This marks a 26.8% increase since Q1 2014, showing that the Mission is one of the most sought-after neighborhoods in the city.

10 San Francisco Neighborhoods with Record High Rental Rates - Mission

Portola

Portola might not be one of San Francisco’s hidden gems anymore, as the median rental rates rose by 22.2% since Q1 2014. However, compared to other lavish neighborhoods in the city, Portola is a bit more manageable, with a median rental rate of $3,300 per month.

10 San Francisco Neighborhoods with Record High Rental Rates - Portola

Potrero

Located in the city’s eastern hills, Potrero is known for its industrial past. However, renters today flock here for the remarkable views of the Financial District, loads of sunshine, walkability, funky music spots, and local eateries. The median rental rate here is around $4,200 per month, a 20% increase since Q1 2014, so this neighborhood’s stock is rising.

10 San Francisco Neighborhoods with Record High Rental Rates - Potrero

Noe Valley

Noe Valley is often thought of as a more “grown-up” version of the Mission. Although it is still an impressively hip area, there are pockets of family-friendly apartments, cozier streets and more daytime action (think moms with strollers or couples with dogs) than nightlife.

10 San Francisco Neighborhoods with Record High Rental Rates - Noe Valley

The median rental rate has increased by 12% in Noe Valley, which might seem low compared to the aforementioned neighborhoods, but median rental rates will still cost you around $4,199 per month.

Outer Sunset

This is one of San Francisco’s newly thriving neighborhoods, noted for its middle class demographics, bustling stretch of retail on Irving Street and proximity to the beautiful San Francisco Zoo and Ocean Beach. The median rental rate here is surprisingly more affordable than other hot spots on this list at $2,725 per month, which marks an 11.5% increase since Q1 2014.

10 San Francisco Neighborhoods with Record High Rental Rates - Outer Sunset

Presidio

What was once a former enclave for military housing due to the former military base nearby, the Presidio is now a beautiful tree-lined neighborhood with scenic views of Baker Beach and the Golden Gate Bridge in the distance.

10 San Francisco Neighborhoods with Record High Rental Rates - Presidio

As scenic as it is in the Presidio, the median rental rates are skyrocketing with a 64.5% increase in median rental rates since Q1 2014, and the median rental rate is a staggering $4,697 per month, the highest on this list.

SoMa

Lined with unique eateries and galleries, SoMa (short for “south of market”) is one of the hippest up-and-coming neighborhoods in the city. Fun fact: Twitter’s headquarters are located here in a gorgeous Art Deco building and Lovely is also located in SoMa!

10 San Francisco Neighborhoods with Record High Rental Rates - SoMa

Despite social media fame and a distinct urban feel in SoMa, the median rental rates are surprisingly manageable (for the Bay Area anyway) with a median rental rate of  $3,600-per-month. Since Q1 2014, the rental rates have increased by 11.1%

South Beach

The nearby South Beach Marina and wonderfully crisp sea breezes, not to mention proximity to the San Francisco Giants’ stadium, AT&T Park, make South Beach a popular choice for renters.

10 San Francisco Neighborhoods with Record High Rental Rates - South Beach

The median rental rate in South Beach is a hefty $4,490 per month, which is an 18.2% increase from Q1 2014.

Pin this post:

10 San Francisco Neighborhoods with Record High Rental Rates

Methodology: Trends represented in the Lovely Rental Market report reflect Q4 2014 rental market data based on the comprehensive set of aggregated rental inventory posted on Lovely between January 2012 and December 2014, and is no longer active.

Prices reported are as indicated upon posting and do not capture the final pricing terms on closed lease agreements. In addition to Lovely’s posting platform, Lovely Pro, Lovely obtains listings by partnering with over 70 external providers to populate its marketplace with rental listings.

Rachel LaCroix

About

Rachel LaCroix is from the Music City, but she now calls the Windy City home. In her spare time, Rachel enjoys writing, reading, seeing local bands, frequenting Chicago eateries, playing with her adorable schnauzer and, most of all, traveling. She's seen Costa Rica to Copenhagen and loves it all!

Lovely Alerts

Get new blog posts delivered right to your inbox.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *