Will San Francisco's skyrocketing rents ever cool off? It doesn't look like it.
SF consistently tops the list of the most expensive rental markets in the country. Blame it on the Silicon Valley tech boom. High-paying technology jobs enable those at the top of the salary chain to afford higher and higher rents, driving up overall rates. It's simple economics... demand outpaces supply.
Now get this - there are several other cities throughout the country that now have rental rates approaching those of San Francisco.
In general, the highest rents in the country are on the two coasts. More jobs and more people in these areas put upward pressure on housing costs.
Remember, while these cities have some of the highest rents in the country, there are many other factors that need to be taken into consideration when deciding where to live and work. Many of these areas provide fantastic economic opportunities, a diverse culture, and year-round activities to enjoy. Sometimes the old adage is true, you get what you pay for.
Our friends at Apartment Listhelped us gather data on current rental rates across the nation. The methodology they use to rank rents bakes in median statistics from the Census Bureau as well as trends from their own listing data. The rates quoted here are for Q2 2017. According to the Apartment List National Rent Report, the following cities are closing in on San Francisco's legendary rental rates.
You've been warned!