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San Francisco drops to 3rd costliest metropolis for renting an condominium

Photo by Tessa McLean

Oct 25, 2022Updated: Oct 25, 2022 8:12 p.m

A rent sign hangs in front of an apartment building in San Francisco on January 4, 2022.

Douglas Zimmerman/SFGATE

When New York City overtook San Francisco as the most expensive city to rent an apartment in August 2021, it was the first time a major subway cost more than SF since Zumper began collecting rental data in 2014. Now, just over a year later, San Francisco has fallen again to become the third most expensive city to rent, according to new data from Zumper.

Boston is now the second most expensive city to rent an apartment in, with an average price of $3,060 for a one-bedroom apartment. Last month was a big jump for the east coast city with growth of 5.9%, while most major cities saw prices fall in September. New York City still surpasses every other city as the most expensive city, with an average one-room price of $3,860, despite posting a more than 2% drop over the past month.

The average rent for a one-bedroom apartment in San Francisco is $3,020, down 4.6% this month from September. Rents in San Francisco are still well below pre-pandemic levels, with one-bedroom media rent this month down 13.7% from February 2020.

Neighboring San Jose is the fourth most expensive city to rent, according to Zumper, with a median rent for a bedroom of $2,600.

“Rent rates in the Bay Area were among the highest in the nation even before the pandemic, and while rental inflation in the Bay was real, it wasn’t as severe as the rest of the nation due to already high rates and migratory flows, and more outflows than inflows,” a Zumper spokesman wrote in an email.

Remarkably, but certainly not surprisingly, six California cities make the top 10 most expensive lists. San Diego was fifth on the list, Los Angeles sixth, Oakland ninth, and Santa Ana 10th.

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