San Francisco remains the most expensive metro area in the nation as rental costs have steadily increased, a new report has found.
Within the last 12 months, costs have risen by 3.5 percent according to Apartments.com.
This puts San Francisco in close competition with cities like New York which ranks number two and San Jose in third.
San Francisco Mayor London Breed, who mentioned the high cost of rent in the city during her inauguration speech in July, promised to build affordable housing for residents who have struggled to keep up.
“So many of my friends have left San Francisco. I don’t want to see this happen to the next generation.” Breed said.
Breed has never owned a home in San Francisco and grew up in public housing.
Widespread construction for luxury apartments has expanded throughout where asking rents have also increased by 38 percent.
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In 2016, rental growth was put on hold due to a slight vacancy rate, which dipped lower throughout mid-2017.
Affordability is a major concern for residents throughout the city where just 31 percent of its resident’s median household income can afford the average asking price of 3,030.
A recent demand for middle-class housing has become strenuous, while 3-star ranked properties have been popular versus 4-and 5-star units.
