San Francisco Rents Are Now 30% Higher Than New York City Rents

The median rent for a one bedroom apartment in San Francisco has reached a new peak of $3,690, according to survey data from Zumper. That's nearly 9 percent higher from the same time last year, the survey found.

And get this.
The rents are nearly 30 percent higher than in New York City and more than double the prices in Miami. In Seattle, one bedrooms go for $1,970 a month. Washington, DC rents are at $2,150.

Of course, there are two major factors driving the sky high rents: absurd housing construction regulations which limit new building and also the fact that the Fed has a money pump spigot directly under the Greater Silicon Valley region pumping truckloads of new money into the region.

Expected tech IPOs from San Francisco-based companies like Airbnb, Pinterest, Slack, Uber and Lyft will all be funded to a degree by the Fed money pump, creating new millionaires that will be able to afford the rents and outbid others for the limited supply.

-RW