California ranked as the most expensive state to rent in, but the Bay Area barely even made the list.
San Francisco's South of Market neighborhood ranked as No. 59 on a recent list of the country's most expensive rental markets.The Bay Area did not take home as many spots as you'd think on a recent report of the most expensive places to rent in the country.of the most expensive rental ZIP codes in the U.S., the only Bay Area neighborhood to rank highly was Los Gatos, which placed at No. 23 with a median rent of $6,325 for a 2-bedroom apartment.
Shane Lee, a RentHop analyst who worked on the report, told SFGATE that this is partly because rent increases in other cities outpaced those in the Bay Area. New York City, for instance, landed 38 of the top 100 ZIP codes, making it the most expensive rental market in the country. Rents in New York have surpassed pre-pandemic levels, Lee said. Cities like Boston saw similar trends.
"On the other hand, in San Francisco, the median one-bedroom rent was close to $3,500 in July 2019. That number dropped to $2,767 by July 2021," Lee said."Unlike other cities that have seen major growth since July 2020, San Francisco has not reached that level despite rents bouncing back to close to the pre-pandemic [Feb 2020] prices."
San Francisco did make it onto the list, but the city's highest ranking was the South of Market neighborhood, which ranked at No. 59 with a median rent of $5,000 for a 2-bedroom apartment. Mission Bay came in at No. 71, followed by Civic Center, Potrero Hill and the Castro District at numbers 81, 94 and 97, respectively.Lee said that shifts toward remote work in the tech sector also played a major role in rental market trends here.
At No. 4 on the list, California's most expensive neighborhood is Montecito, the Santa Barbara County town known for residents like Prince Harry, Meghan Markle and Oprah Winfrey. Most of the state's other rankings are in the greater Los Angeles area, including Santa Monica at No. 11, Bel Air at No. 21, Beverly Hills at No. 37 and Century City at No. 38.
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