For those who’ve been to San Francisco or currently live there, it’s no surprise to hear that rent prices in the place affectionately dubbed “The City” are sky-high. However, the fact that median monthly rent prices have hit $4,225 per month, as reported by SF Gate, could very well surprise the world.
Many times, those median $4,225 monthly rent prices don’t even include parking costs.
Perhaps no more tips at eateries such as Bar Agricole and sister restaurant Trou Normand in San Francisco is a good thing — as reported by the Inquisitr. Those establishments, however, planned to increase their meal prices by 20 percent to make up for the loss in tips in order to pay their waitstaff accordingly.
As far as the rent goes, however, the Zillow Rental Index, or ZRI, tells the true tale. And Zillow itself reports on the fact that rents in the United States have grown at the quickest pace, faster than home value growth.
“Rental demand is skyrocketing, thanks to a combination of younger workers staying in rental housing longer and families turning to the rental market after losing their homes to foreclosure during the recession”
It’s not merely San Francisco that’s experiencing high monthly median rental rates like $4,225 costs.
In fact, cities like Fisher Island, Florida, enjoy plenty higher monthly rental median prices at $12,846.
As expected, other California cities appear at the top of the list of those with the highest median rental rates. Those cities include Atherton, Belvedere, Hillsborough, Hidden Hills, Beverly Hills, Portola Valley, Woodside, Rolling Hills, Los Altos Hills, Malibu and Tiburon. The median rental rates for these California cities range from $7,105 per month to $10,380 monthly.
The high rental rate cities can be found all across the nation. Places like Rye, New York, chime in at $7,053 per month.
As for Gulf Stream, Florida, expect a median rental rate of $6,889 per month.
In the famous Scarsdale, New York, renters will find a median rate of $6,842 each month.
Other desirable California locales like Stinson Beach, Rancho Santa Fe, Kentfield, and Manhattan Beach experience median rental rates from $6,141 to $6,794 per month.
However, San Francisco is still high enough, with reports detailing how a one bedroom apartment’s median rates had climbed to $3,460 per month in February. Even neighborhoods that used to go for more inexpensive rental rates are among those with higher rental rates, reports SF Gate.
Zillow’s ZRI index displays the San Francisco rental rates rising 16 percent year-over-year, and includes all sorts of rentals from apartments to single family homes and the like.
[Image via Craigslist]