Take that, NYC. San Francisco rents are even higher than yours. Thanks very much to Burbed reader Petsmart Groomer for passing this awesome news along.
Forbes, LIFESTYLE | 11/05/2013 @ 12:59PM | 2,823 views
Trulia TRLA +3.3% Chief Economist Jed Kolko dives into the latest findings from the Trulia Rent Monitor, the earliest leading indicator of how rents are trending nationally and locally. It adjust for the changing mix of listed homes and therefore show what’s really happening to rents.
Among the 25 largest rental markets, rents are rising fastest in San Francisco, Portland, and Seattle, while they’re falling slightly in Washington, D.C., and Philadelphia. San Francisco has not only the steepest year-over-year rent increase, but also has the highest median rent ($3250/month) for 2-bedroom units in the country, edging out the New York metro ($3150). No other market comes close to San Francisco and New York: Boston, the third-most expensive, comes in at $2300. At the other extreme, median rent for a 2-bedroom unit is less than $1000 in Phoenix, St. Louis, and Las Vegas.
Can you imagine how much higher SF rent would be if they threw in Santa Clara County? And there is a bit of a cheat in here, buried deep in the FAQ we discover this nugget:
Some MSA’s [Metropolitan Statistical Areas] are split into Metropolitan Divisions, which we use instead of MSA’s where available. For example, we report the “San Francisco – San Mateo – Redwood City” and “Oakland – Fremont – Hayward” metropolitan divisions separately, rather than the “San Francisco-Oakland-Fremont” MSA. [explanation added –ed.]
Ho, ho, ho! So that’s how we did it, by throwing away away Oakland, Richmond, and Hayward, City of Diversity! Meanwhile the New York City subcategory, according to this thrilling OMB document on Metropolitan Statistical Areas, is still saddled with all the working-class outer boroughs as well as the pricier suburbs. At least we now know which government agency is responsible for splitting SF and SJ into two separate metro areas.