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In 2018, the median rental rate in Silicon Valley was $2,911, the highest of any major metropolitan region in the United States. [3] At $3.20 per square foot, the San Jose metro area has the second highest rental rate per square foot in the United States, behind San Francisco at $3.42. [3]
In 2016, The Guardian reported that the average SRO rents in San Francisco's Chinatown are increasing from $610 in 2013, to $970 in 2015 (the average rent for all rental housing was $3,907). [40] The increase in SRO rents is due to the shift away from renting to Chinese immigrants towards "college graduates, single adults and white people". [ 40 ]
[80] [81] [82] In the rental market, California now has the lowest vacancy rate the state has ever seen, at 3.6%; [83] and while the median rent throughout the state for a two-bedroom apartment is $2,400, the median rent in coastal urban areas is even higher, surpassing $4,000 per month in San Francisco. [84]: 1
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The Haight-Ashbury's elaborately detailed, 19th century, multi-story, wooden houses became a haven for hippies during the 1960s, [23] due to the availability of cheap rooms and vacant properties for rent or sale in the district; property values had dropped in part because of the proposed freeway. [24]
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