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.
-RW
