We already know this, but it does seem to be getting kind of outlandish. I was in Manhattan and met up with a friend moving back there. She found a three-bedroom in Harlem for $3800 a month. That might get you a two-bedroom here, but most likely a roomy one-bedroom.
The San Francisco Chronicle tells us just how bad it is.
The slight slump is a typical seasonal slowdown. After a year of rocket-like gains, asking rents remain sky-high compared with just a year ago.
“It’s still a brutal market out there for prospective renters,” said Craig Berendt, principal of Berendt Properties, which serves as leasing agent for several hundred rentals a year. “Things are very cyclical and start to taper off at the end of the year. It takes longer to get places rented because not as many (prospective) tenants are looking. The rental market is driven by hiring, and companies don’t hire as much in the winter. But landlords are still getting extremely, ridiculously high rents.”
Lovely, which runs the www.LiveLovely.com website, showed the median San Francisco asking rent price as $3,256 in the fourth quarter, down 3 percent from the preceding three months – but still up 15 percent from a year earlier. Read the full story here.