by Wolf Richter, Wolf Street:
Rents fell in New York, Seattle, Washington DC, San Francisco, plunged in Chicago and Honolulu. Many less expensive cities are red-hot.
In San Francisco, the most expensive of the 100 largest rental markets in the US, rents peaked in October 2015, with the median asking rent at $3,670 for a 1-bedroom apartment and $5,000 for a 2-bedroom. By the end of 2017, they were down 7% and 12% from their peaks. But in the spring 2018, rents started rising again. In September, they almost, but not quite, reclaimed their peaks: The median asking rent for 1-BR apartments rose to $3,650, and for 2-BR apartments to $4,800. These are crazy numbers. Hence our local term, “Housing Crisis” – a crisis of affordability in a hyper-inflated market.