San francisco rents hit record high

San Francisco rents have soared to a record high, according to new figures from Zumper.

The city leads a rocketing rate of growth in many cities, including New York City and Los Angeles. San Francisco's rents have reached $3,530 for a one bedroom apartment in August, up 13.9 per cent year-on-year. New York City has also reached a new record of $3,160 after remaining flat over the past quarter, up 5.3 per cent year-on-year. (When broken down into boroughs, prices this August were: Manhattan ($3,250), Brooklyn ($3,050), Queens ($2,420), The Bronx ($1,475), and Staten Island ($1,150).)

After a 7 per cent yearly jump in rent prices, Los Angeles has reached a new record of $1,830 for a one bedroom. The city maintained its place as the 9th most expensive rental market in the US, drawing closer to Miami ($1,870).

In total, 14 cities saw double digit percentage growth in their average rents.