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