The SFGate’s recent report that the median rent in San Francisco has hit “a ridiculous $4,225” is factually wrong and borderline reckless.
From the report:
“We already knew the rent was too damn high, even before we published a report this February showing not only that the median for a one bedroom apartment in the city had jumped to $3,460, but that even formerly cheaper neighborhoods were now among the pricey…
Apparently though, they weren’t high enough. According to Zillow, the new median rent in San Francisco is $4,225 a month. Zillow’s data compose the “Zillow Rental Index” (ZRI). This index shows rents up 16% year-over-year (YOY) this April, and take into account all types of rentals in San Francisco proper, from single family homes to condos to in-laws.”
Zillow’s Rental Index is based on estimated, versus actual, rents. And while the index does take into account the estimated rents for single family homes and condos in the city, it doesn’t include…apartments.
Once again, Zillow’s index and the “median rent” of $4,225 in San Francisco, as reported by SFGate, does not include apartments.
As we reported last month, the average rent for an apartment in San Francisco, based on actual asking rents and actually taking apartments into account, remains around $3,450 per month, up 2 percent since the end of 2014 and 13 percent higher versus the same time last year.