San Francisco's Rent Hits a New Peak of $3,690, Highest in the US (cnet.com)

An anonymous reader shares a report: 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, a home and apartment rental app. That's also a rise of nearly 9 percent from the same time last year, the survey found. Not only are those figures high enough to make your bank account cringe, but they're also nearly 30 percent higher than New York City and more than double the prices in Miami. Seattle, home to Amazon and Microsoft, rang in at $1,970 and Washington, DC, hit $2,150.

Oh, and by the way, while San Francisco's prices rose, the median price of one bedroom apartments across the US dropped nearly half a percent during this same time. That means while San Francisco's prices climbed, the country's prices fell. "Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation," Zumper wrote in a blog post Thursday.

Comments

This isn't hard to solve.

[geekmux]

If your tech company cannot support remote work in the year 2019, then you're working for the wrong damn tech company.

There's only one way you're going to get prices to revert to semi-reasonable levels in the Bay area; stop feeding that fucking stupidity.

Re:This isn't hard to solve.

[jwhyche]

If your tech company cannot support remote work in the year 2019, then you're working for the wrong damn tech company.

Isn't this the damn truth. I drive 30 minutes to work every day, to sit in a office, and manage 6,500 virtual machines all around the world. I don't have to touch hardware any where because we rent space in data centers where they have their own tech-monkies do the hands on. I can do my job from my home just as well as the office. Hell, I can do it from the Starbucks down the road, or even the Starbucks mens room if I needed too.

The only reason that most of us have to drive in is because we have to many PHB that don't understand the how the technical infrastructure works.

Re:Cost of living vs salary

[Anonymous Coward]

I work in IT in California and pay $1300 a month on my 4 bedroom house.

California is a big state of which San Francisco is only a small part.

Re:You're wrong. They ARE being forced.

[shess]

How is anyone forced to live there?

If you can afford that rent, you can afford a bus ticket out of there.

And that's EXACTLY what's happening. Folks are leaving both the cities AND the state because it's too expensive to live there. They are heading to places where the cost of living is lower. Places like Texas, Florida and other places where an $800K house isn't a two bedroom shack.

Wait, so people are moving away in droves, and prices continue to rise! That's crazy! It goes against pretty much everything written about supply and demand! Imagine how much apartments will cost when EVERYONE has moved away!