San Francisco residents are fleeing the region over the city’s ballooning housing costs and massive taxes, with a new report showing the Bay Area is now the most expensive municipality for renters in the United States.
“If you thought rent in San Francisco couldn’t get any higher — you were very wrong,” reports KRON Channel 4. “Apparently San Francisco rent has reached a new peak of $3,690, according to home and apartment rental app Zumper.”
“The survey also found that while rent increased greatly in San Francisco, the median price of one-bedroom apartments everywhere else in the US apparently dropped nearly half a percent during the same time,” adds the study.
The massive figure is a stunning 30% higher than rent prices in New York City and ‘double’ the price of a one-bedroom apartment in Miami, Florida.
Read the full report here.