Rental Prices in San Francisco are Sky High!

 

Rental prices in San Francisco continue to rise. Demand has continued to increase: SF is a great city and like most major U.S. cities has seen population growth in recent decades and many factors make the city more desirable as a place to live. This plus an increase in local jobs in the city and on the peninsula, better public and private transportation options, etc. has increased the popularity of living in the city.  Supply of new rental units has been stagnant for many years, in my opinion from decades of bad housing policies, most notably, making it very difficult for developers to build new housing in San Francisco--height restrictions and many other hassles for developers.  Rent control, while benefiting those who are long term inhabitants of rent controlled apartments benefit from rent stabilized places. Landlords seek to maximize rents when they have turnover because they will only be able to pass on nominal rent increases to their tenants once they are in an apartment, and that may be forever.  

In the past few years, it seems as if demand has been dramatically heightened. News of sky rocketing rents and increased evictions is rampant. I was amazed to see this dynamic depiction of rent increases in the city for the last few years from The Bold Italic. Pretty dramatic.

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