*sigh* This is not the sort of news Bernalwood likes to share, yet share it we must — because it is happening whether we like it or not.
Or rather, it happened. You see, during the last three years, the price of a one-bedroom apartment rental in Bernal Heights has doubled.
According to the number-crunchers at Pricenomics, between 2011 and 2014, the median price of a one-bedroom apartment rental in Bernal rose by 101%, from $1683 to $3390. In fact, during that same period, median one-bedroom apartment rental prices in Bernal Heights rose the most of any neighborhood in San Francisco. Oy:
This is not the kind of We’re Number One we wish to be associated with.
In absolute terms, 1BR rentals in Bernal are also on the spendy side, ranking fifth overall citywide — higher even than Noe, Nob Hill, and Pac Heights. Oh my:
Why is it happening? Blame our innate awesomeness, combined with very limited rental supply and very favorable geography. In other words, Econ 101.
As Pricenomics explains:
The San Francisco real estate market is, technically speaking, muy caliente. If you’ve looked for an apartment recently, or follow our blog, you know that rental prices have exploded and small homes sell for more than Detroit skyscrapers. San Francisco is a beautiful place, with a bustling economy that has drawn tens of thousands of new residents over the past few years. But the supply of housing is relatively fixed as large swathes of the city aren’t zoned for the type of high density housing that could accommodate the increased demand. So the price of housing has increased.
For us in particular, Pricenomics says:
Proximity to the highways and shuttle buses that take tech workers south to companies like Google, Facebook, and Apple is also reorienting the real estate landscape. Living in neighborhoods like Bernal Heights or Portero was once (arguably) like living in a backwater, but these commuting-friendly areas are now expensive and popular.
ALL CHARTS: from Pricenomics