Bay Area has Highest Rent in August
Of the 100 largest metropolitan areas in the US, 3 of the 5 with the highest rents in July are in the Bay Area, according to Zumper‘s August report. San Francisco continues its rein at the top, with an average of $3,600 for a one-bed rental unit; though this is a drop from June’s record-high $3,700. San Jose increased by 1.6% while Oakland increased by 4.5%. New York and Boston, both with increasing rents in the last two months, round out the top 5. With low unemployment, falling homeownership rate and anemic new construction, rents are likely to continue climbing.