City of Marin lists Bay Area’s most expensive ZIP codes to rent an apartment – ​​Marin Independent Journal

The Bay Area is home to nine of the 100 most expensive US ZIP codes for renting an apartment, according to a new report. But only one local neighborhood made the top 50, behind socialite enclaves in Florida, New York, Colorado and Southern California.

Los Gatos (95030) was ranked 23rd on apartment search site RentHop.com’s list of most expensive ZIP codes. A typical two-bedroom apartment in the Silicon Valley city nestled in the foothills southwest of San Jose costs $6,325 a month, according to RentHop, while the median listing price for a one-bedroom rental is $2,625.

Urban parts of San Jose and San Francisco, along with Tiburon in suburban Marin County, rounded out the other Bay Area neighborhoods on the list.

Local ZIP codes that made it to the top 100 include:

  • 95030 in Los Gatos at No. 23 ($6,325 two bedrooms, $2,625 one bedroom)
  • 94105 in San Francisco’s South Beach at #59 ($5,000 two-bedroom, $3,750 one-bedroom)
  • 94920 in Tiburon at No. 68 ($4,950 two bedrooms, $3,580 one bedroom)
  • 94158 in San Francisco’s Mission Bay at #71 ($4,860 two-bedroom, $3,600 one-bedroom)
  • 95126 West of Downtown San José at #80 ($4,600 two-bedroom, $2,900 one-bedroom)
  • 94102 in the San Francisco Civic Center neighborhood at #81 ($4,600 two-bedroom, $3,450 one-bedroom)
  • 95110 in and near downtown San José at #90 ($4,400 two-bedroom, $3,270 one-bedroom)
  • 94107 on Potrero Hill in San Francisco at #94 ($4,375 two bedrooms, $3,165 one bedroom)
  • 94114 in Castro de San Francisco at #97 ($4,300 two-bedroom, $2,875 one-bedroom)

Why didn’t the notoriously expensive Bay Area rank even higher?

One reason is that the local tech industry’s adoption of remote work in recent years has allowed many tenants to move out, depressing demand for apartments, said Shane Lee, an analyst at RentHop.

During the depths of the pandemic, rental prices plummeted by as much as 25% in some Bay Area cities as people fled to the suburbs and less expensive parts of the state and country. Rents started to pick up in 2021 as public health restrictions were lifted and more people returned. But the region’s hardest-hit urban centers, including San Francisco and Oakland, have yet to see a return to pre-COVID prices.

Meanwhile, rents in many other cities across the country have soared to record levels during the recovery from the pandemic, though rental prices have begun to decline across the country in recent months amid growing economic uncertainty.

In an email, Lee said the change in Bay Area rents “is nowhere near the kind of growth other cities have experienced,” which also helps explain the region’s lower ranking.

Wealthy Bay Area cities, including Atherton, Woodside and Ross, which have the most expensive home prices in the country, are not on the list because they have so few apartments, Lee said.

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