For the second month in a row, the median rental prices in San Francisco have declined, allowing San Francisco to slide to the rank of second-most expensive city in the United States, just behind New York City.
But -- and there's always a but -- prices remain sky high. Per a report by ApartmentList.com, the median rental price of a 2-bedroom apartment in San Francisco is now $4,730.00. For a 1-bedroom rental in San Francisco it is $3,520.00.
Meanwhile, San Francisco has been busy in the last few years building condominium buildings as well as apartment buildings, and with interest rates remaining extremely low (and expected to remain low at least through the December Fed meetings) this could be a wonderful window in which to purchase a home of your own, or for a family member to use.
We recently purchased a newly constructed condo, a spacious 1-bedroom, 1-bath, with den. This purchase is considered by the lender to be a second home since the intended occupant is a family member. The monthly principal and interest payments, Homeowner Association monthly fees, and property tax together will cost us less than the average 1-bedroom rent price.
This unit is anything but average. Brand new, Class A construction, 24-hour security, a front desk concierge, an owner's lounge which can be reserved for gatherings, a courtyard with fire-pit and barbecue, a rooftop deck with views of the city skyline. The unit has a den (perfect for a home office), in-unit laundry, gas range and all the bells and whistles you might expect in new construction.
If you are tired of being at the mercy of a landlord, tired of paying a high rent that goes into someone else's pocket, perhaps you are ready to buy a place of your own. Pay your own mortgage and build equity for yourself.
Interested? Let's chat.