Is the long run up of San Francisco rental prices finally coming to an end?
In certain neighborhoods at least, the signs seem to be pointing to a resounding yes, according to a new report from Zumper. The apartment listing site says that the median asking prices for one-bedrooms in Cole Valley are down 14 percent to $2,950, while the Inner Richmond is down 11 percent to $2,550 and Mission Dolores is down 9 percent to $3,350 since the same time last year.
“Last year, in the Inner Richmond and Cole Valley, rents were spiking due to a lot of demand present, since these areas are safe/low on crime and tend to be less expensive than living in the surrounding neighborhoods like Hayes Valley or NOPA,” explained Zumper’s Crystal Chen. “While the demand will always be there for these neighborhoods, the price has come down from last year since less people are looking to move right now and it seems a ceiling has been hit.”