Palo Alto, S.F. have highest rents in the nation

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Photo by Eric Young

San Francisco has sky-high rents but the city is the best place in California for young people looking to start a career, a new report says.

The only place in the country more expensive than San Francisco to rent a home is in Palo Alto.

That's according to a new quarterly Lovely Rental Market Report released this morning states the median rent in Palo Alto, $3,645 beat out San Francisco, which is now $3,488 a month, the highest it's been in three years.

That's a 3.3 percent increase from a year ago. San Francisco also has double the median rent found in Denver and Seattle.

The Lovely third quarter report also states the median rent in San Jose is now about $2,400 a month. That's an 8.7 percent increase from a year ago.

The median rent in Oakland is now almost $1,800 a month, a 19 percent jump from a year ago.