It’s no secret that San Francisco—and the rest of the Bay Area—has a high cost of living. A new study by Redfin has evaluated how much space a $2,000 budget gets renters in different US metropolitan areas. While it’s no surprise that the Bay Area would be one of the least affordable places for renters, it does beat out some surprising cities.
San Jose apartments offer the least square footage for $2,000, at 537 square feet, and San Francisco was a close second with 565 square feet. The two Bay Area cities offered less space than the notoriously crowded New York City on the same budget, which offered 581 square feet. Los Angeles and San Diego round out the top five, followed by Boston and Seattle. San Francisco’s price per square foot is $3.54, almost twice the national average of $1.81.
The study included newly listed units in apartment buildings with five or more units. The median asking rent was then calculated from a rolling three-month period of apartments listed on Rent.com and Redfin.com. Since many San Franciscans live in former single-family homes that have been converted into several units, it’s important to note that only buildings with five or more units were included in this study. In fact, multi-family homes with 2-4 units make up 25% of SF’s housing supply. Additionally, the report is assessing new listings, so it only reflects the median during the study’s period, not what all renters are paying in the area.
Meanwhile, the cities that offered the most space for the same budget were Memphis with 1,570 square feet and Birmingham with 1,523 square feet. Renters are actually getting more for their money compared to 2022, when a budget of $2,000 could afford 74 fewer square feet compared to 2024. A Redfin Economist attributes the change due to an “apartment construction boom” that they expect to continue into 2025.
You can read the full study and learn more here.