Wednesday 22 November 2017

Apartment rents hit $4,200 a month in San Francisco's IT gold rush

A one-bed apartment is over $2,000 a month in San Francisco
A one-bed apartment is over $2,000 a month in San Francisco

While tech staff struggle to find rented accommodation in central Dublin, the problems may be put into context by a new report outlining how expensive rents in top US tech centres have become.

According to a new survey from Trulia, 91pc of one-bedroom apartments in San Francisco now cost more than $2,000 a month. So if you're looking for a modest place to crash and sleep in between work, you won't have much choice. With the city's median rent now at more than $4,200 a month, there's a reason that Google employees are sleeping in their trucks.

It's a similar story in some other parts of the US. In Manhattan, a fifth of one-bedrooms rent for more than $4,000.

Those figures come from a report this week from Trulia, which pulled data from rental listings on its website. While it was known that these were expensive places to live, this data on rents in San Francisco, New York and a handful of other cities paints a new picture of housing affordability.

The survey says that the median rent for a two-bedroom in Boston costs $145 a month more than a two-bedroom in Washington, DC. Only 13pc of Boston two-bedrooms cost less than $2,000 a month, compared with 23pc in the nation's capital.

The full report takes a finer comb to these expensive cities, identifying 10 Manhattan neighbourhoods where more than 95pc of two-bedrooms cost more than $3,000 a month.

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.

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