Finish your Kleenex.
The average rent for a 1-bedroom apartment in San Francisco has reached a new high of $ 3,690, according to survey data from Zumper, an apartment and apartment rental app. This is also an increase of almost 9 percent compared to the same period last year, the survey found.
Not only are these numbers high enough to ruin your bank account, they are also nearly 30 percent higher than New York City and more than twice the price in Miami. Seattle, home of Amazon and Microsoft, rang at $ 1,970 and Washington, DC, at $ 2,150. By the way, as San Francisco's prices went up, the average price of one-bedroom apartments fell nearly half a percent of the same time. That said, while prices rose in San Francisco, the prices of the country declined.
"Although a ton of money will flow through the city and surrounding areas in the near future, many of these workers will not immediately invest in a home, and instead can take their money to travel and improve the rental situation," Zumper wrote in a blog post on Thursday.
The survey data, while unsurprising, underscore the challenges the tech industry faces in its hometown of San Francisco Bay Area. The shocking success that has made companies such as Apple, Google, and Facebook industry titles has created an estimatedand nearly 1
In addition, there are not enough apartments available, and of course, prices have skyrocketed. The Federal Department of Housing and Urban Development said last year that a family of four, earning up to $ 118,400, qualifies as a "low income" in the city.
With expected technical IPOs from San Francisco-based companies such as Airbnb, Pinterest, Slack, Uber and Lyft, which are likely to shape many more millionaires and attract more people to the city, there is little hope of relief.