In 2015, renting in San Francisco can absorb more than half of your income, but that wasn't always the case. Today, we look back at apartment listings from years past, to see how far the Sunset housing dollar once stretched.
On this day in 1955, a listing appeared for a newly decorated furnished apartment in a 40-flat building at 116 Frederick for $85 to $125 per month. That would be about $1,113 in 2015 dollars.
The closest comparable rental available in 2015 is a 1BR at 191 Frederick that will set you back $3,450 per month. On the bright side, the rental description calls out modern conveniences like a dishwasher, a microwave oven and LED lighting, options that would only have been available via science fiction 60 years ago.
When Sunset Towers opened in October 1961, apartments in the twin 11-story towers were marketed "to those who want the best." Located near Sixth Avenue and Kirkham, ads for the new luxury apartments touted panoramic views, "De luxe GE kitchens," and teak-paneled lobbies, starting at $145/month ($1157 today).
Today, a one-bedroom apartment at Sunset Towers starts at $3,470, and a 2-BR unit lists for $4,680.
1274 Funston Ave. (Image: Google Street View)
On August 19, 1965, an ad appeared to promote a new building at 1274 Funston Ave. Starting at $130 per month ($984 in 2015 dollars), the building offered furnished one- and two-bedroom apartments on a one-year lease. Another listing from the same edition of the Chronicle touted a "spacious" 2-BR at 1734 Ninth Ave. with an all-electric kitchen, wall-to-wall carpet, drapes, laundry and on-site parking for $125 ($946 today).
Today, an unfurnished two-bedroom in the same neighborhood goes for $3,800/month; no pets, parking or on-site laundry.
In August 1971, the US median income was $9,028/year, gasoline was about 36 cents per gallon, and $195 ($1,149 in 2015 dollars) was enough to score a give-room flat at 327 Frederick St. According to Trulia, a flat in the same building last sold for $1.06 million in 2001.
It's very likely that San Francisco's rental prices will eventually come down during what economists call a "correction," but we couldn't find any economists who've forecast significant reductions. Are you biding your time until the next bust, or considering a move? Tell us in the comments.
