Living the San Francisco Dream

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Median Rental Prices Decline in San Francisco

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.

New condo construction in SF

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.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Pacific Union International

CA DRE#10215160; 650-465-4547

Lottie@LottieKendall.com

www.LottieKendall.com

Peninsula Living Business Page

www.SFCondosForMe.com

 

 

Comment balloon 11 commentsLottie Kendall • August 26 2016 05:26PM

Comments

Hi Lottie

I had heard this a couple of times - those prices are still incredibly high. It's pretty shocking how much of their income renters have to pay out these days. I agree it could be a good opportunity to build equity by owning an investment property. You would be the person I would call in SF!

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) about 2 years ago

Yes, Jeff Dowler either income property or to help a family member. If one expects to live in San Francisco for more than a few years, paying rent is brutal and one's money is down the drain.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Compass) about 2 years ago

Lottie it's amazing to me that rental prices are sky high in San Fransisco.  Here is Phoenix you'd be able to rent a nice executive home for that price.  It makes total sense to buy a unit (if they're intending on being there for awhile) instead of sending all that cash down the drain with nothing to show for it.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) about 2 years ago

 I have to agree with Jeff Dowler because those rental prices look astronomic compared to even Seattle rental rates which are the highest in our region Lottie Kendall 

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) about 2 years ago

Hi Lottie, given SF's rent rates, I suppose dropping to second place is small consolation. Prices in your city, NYC, and many others are just mind-boggling.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) about 2 years ago

Lottie Kendall - You know San Francisco rental prices are going to be high, but there is still big sticker shock at these numbers, even if they have dropped a little!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) about 2 years ago

I'm practicing what I preach, Anna Banana Kruchten - Rachael, Gene and I would much rather make a mortgage payment than continue to toss rental money down the drain.

Hi, Paul S. Henderson, REALTOR®, Broker, Tacoma Washington, Nina Hollander and Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com - I am happy to see SF "lose" to NY City in the highest rent categorybut am happy to know one can purchase here (high prices, no doubt) and still pay less than rent.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Compass) about 2 years ago

Great information for your area Lottie Kendall and a post sure to make your phone ring by prospective buyers!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 2 years ago

Hi Lisa Von Domek - San Francisco and the Silicon Valley are not areas in which it is easy to rent. While purchase prices are also high, if you're going to be here for a while and have the ability to purchase, I believe it is usually in the best interest to buy.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Compass) about 2 years ago

Rental prices in Monterey have jumped too.  But we are less than half that!  Of course wages here are much lower too. Good long term strategy for people to buy if they can!

Posted by Eileen Begley, Monterey Real Estate (Coldwell Banker, DelMonte) about 2 years ago

Hello Eileen Begley - it often takes families pooling resources together to help a young person buy in our area, but it certainly beats paying a landlord's mortgage if one is going to be staying. You live in a gorgeous area.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Compass) about 2 years ago

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