SAN FRANCISCO (KCBS RADIO) – In a surprising twist, San Francisco is no longer the most expensive city for renting, according to data from Zumper.
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New York City was first ranked above San Francisco as a renter's most expensive city in August of 2021. It marked the first time in seven years that San Francisco was no longer the number one spot.
On Tuesday, the results from Zumper's October 2022 National Rent Report were released, showing that San Francisco has dropped further, becoming the third most expensive city in which to rent. Boston surpassed San Francisco for the number two position, while New York maintained its crowning lead.
A main reason for the demotion is San Francisco's struggle to recover post-pandemic. A slow return to in-person work has caused housing prices to drop, as many tech companies are prioritizing remote employment.
According to Zumper, one-bedroom rent in San Francisco has fallen 4.6% in October to an average of $3,020, while Boston one-bedroom rent jumped 5.9% to $3,060. Boston is currently facing a housing crisis due to an undersupplied housing marketing, causing rent to spike. The city also has a large college population, so Zumper predicted that prices will settle once students get situated in their new apartments and dorms.
Despite its decline, San Francisco is still pricey when compared to the nationwide renting average. Over the last month, national one-bedroom median rent is down 0.8% to $1,491, a whopping $1,188 less than San Francisco.
San Francisco's southern neighbor San Jose claimed the fourth spot on Zumper's National Rent Report, while San Diego, Los Angeles, Oakland and Santa Ana were also ranked on the top ten list.
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