SF Rents Up, Up and Away - 50% or more!
I can't imagine moving to San Francisco today. When I moved to Oakland a few months ago, my Hayes Valley apartment was re-listed for 85% more than we had been paying for the few years prior. It was snatched up. Our Oakland mortgage is about 2/3 of the cost of renting that Hayes Valley two bedroom today, and we get twice as much square footage. Why would you pay $3000+ to rent a rundown two bedroom with a landlord in San Francisco, when you could pay half that at PCL to own and get as much or more space?
SFist has great coverage of the increases at http://sf.curbed.com/archives/2012/05/14/the_bad_news_as_suspected_rental_rates_have_increased_dramatically_over_the_past_year.php
But I think the image above speaks for itself (click here for high-resolution
). From January-March 2011 to the same period in 2012, average rents posted on craigslist went up as follows:
(images courtesy of SFist.com)