The Brief
- San Francisco had the highest year-over-year rent growth across the U.S., with an average one-bedroom apartment renting for $3,790 and a two-bedroom apartment renting for $5,270.
- Zumper points to artifical intelligence as a driver behind San Francisco’s costly rent prices.
- On the other side of the Bay Area, San Jose is seeing the opposite effect, with rent costs decreasing over the last year.
SAN FRANCISCO – New data from housing database Zumper shows a staggering spike in rental prices for one-bedroom and two-bedroom apartments in one of the Bay Area’s largest cities.
The company released its national rent report Tuesday, showing rent prices for one-bedroom apartments in San Francisco increased more than 18% in the last year.
The outlook for two-bedroom apartments is even worse – rising nearly 23% in just one year. …