Wednesday, October 28, 2015

BLOOMBERG: The Starter Apartment Is Nearly Extinct in San Francisco and New York

Thanks a lot, Janet Yellen.

Bloomberg reports:
So you’re looking for a one-bedroom apartment in San Francisco, and you have about $2,000 a month to spend. You know the city’s median rent is more than $4,200 a month, but median means half the apartments cost less. Surely there are larger, more expensive apartments pulling up the midpoint.
Perhaps. But there’s a reason Google employees are sleeping in their trucks.
Ninety-one percent of one-bedroom apartments in San Francisco cost more than $2,000 a month. Perhaps more surprising is the number of apartments that occupy the high end of rental rates: In Manhattan, a fifth of one-bedrooms rent for more than $4,000....We’ve long known these are pricey rental markets. What these numbers show is the sheer scarcity of small apartments for rent at anything resembling a low rate in the country’s most desirable cities.


1 comment:

  1. This set of statistical data serves as a good starting point for potential renters to kick-start their house-hunting journey. If the rental amount fits their budget nicely with a leeway of a few hundreds for monthly expenses, then any size apartment should be of no problem to them. However, if they already have a hard time meeting the rental amount alone, then they should probably be moving to another location or seek an alternative option.