San Francisco is notoriously known for its expensive housing prices. Now, high rental costs for apartments have expanded to surrounding areas.
According to an article published in the San Francisco Business Times, 11 of the top 20 priciest Bay Area neighborhoods reside outside the city by the bay. Those costly spots include Palo Alto, Menlo Park and Mountain View.
While these Silicon Valley neighborhoods may not come as a surprise, other regions that topped the list were Berkeley and Oakland. Each city’s apartment rent average exceeds $3,000, with Palo Alto’s being the highest at $3,718, according to the report.
As rent continues to balance around $3,150 per month in San Francisco, RentCafé has reported that prices have dropped four percent from last year. Yet, when looking at specific neighborhoods such as near the Presidio, the average rent cost skyrockets to $4,762. Such a rate pushes the neighborhood’s zip code to compete with the affluent Manhattan, New York rental prices.
For comparisons sake, the country’s average rental rate in April was $1,314.
While these statistics can make your wallet gasp, San Francisco Business Times also points out that RentCafé and the market analysis company Yardi Matrix only looked at complexes that contained more than 50 apartments. This has led to the exclusion of many rentals.
