The Bay Area has nine of the 100 most expensive U.S. zip codes to rent an apartment in, according to a new report. Only one region was within.
The Silicon Valley suburb of Los Gatos (95030) ranks 23rd on apartment search site Renthop.com’s listing. A typical two-bedroom apartment costs $6,325 per month, while the average price of a one-bedroom rental is $2,625.
Urban areas of San Jose and San Francisco round out the other Bay Area regions on the list, along with suburban Tiburon in Marin County.
Here are the postal codes of the top 100 regions:
- 95030 23 Los Gatos (2 Bedroom $6,325, 1 Bedroom $2,625)
- 94105, 59, South Beach, San Francisco ($5,000 for 2 BR, $3,750 for 1 BR)
- 94920 68 Tiburon (2 BR $4,950, 1 BR $3,580)
- 94158, 71, Mission Bay, San Francisco (2 Bedroom $4,860, 1 Bedroom $3,600)
- 95126, 80 West of Downtown San Jose (2 Bedroom $4,600, 1 Bedroom $2,900)
- 94102, No. 81, Civic Center District, San Francisco ($4,600 for 2 BR, $3,450 for 1 BR)
- 95110 90 in Downtown San Jose and Nearby (2 BR $4,400, 1 BR $3,270)
- 94107, 94 Potrero Hill, San Francisco (2 bedroom $4,375, 1 bedroom $3,165)
- 94114, 97, The Castro, San Francisco (2 Bedroom $4,300, 1 Bedroom $2,875)
Why didn’t the notoriously expensive Bay Area rank higher?
Renthop analyst Shane Lee said this is partly because the local tech industry has embraced remote work in recent years, driving many renters away and slumping demand for apartments. .
During the height of the pandemic, rental prices plummeted by as much as 25% in some Bay Area cities as people fled to the suburbs and cheaper parts of the state and country. Rents will begin to recover in 2021 as public health restrictions are lifted and more people are returning. But the region’s hardest-hit urban areas, such as San Francisco and Oakland, have yet to return to pre-COVID prices.
At the same time, rents in many cities across the country, especially New York City, surged to record highs during the pandemic recovery, but national prices have fallen in recent months amid heightened economic uncertainty. started to fall.
In an email, Lee said the recovery in Bay Area rents “still falls far short of the growth other cities have experienced since July 2020,” which makes the region’s lower rankings. It also explains things.
Renthop reports the most expensive zip code is Fisher Island (33109) near Miami, with a median two-bedroom rent of $24,000. Hampton Bays, New York (11946) is next at $12,500. Snowmass Village, Colorado (81615) $11,250. Montecito, Santa Barbara County (93108) is $10,950.
New York City has the most zip codes at 38. There are a total of 14 zip codes in Los Angeles County, including glitzy cities like Beverly Hills and Calabasas.