For 1 bedder I pay $1.5K per month at Central Park Whisman (A Promethus Complex) in MV. Downtown MV off Castro 1 bedders at another Promethus complex rents start at $1.7K. Avalon Community in MV is also around $1.5K but not recommended - too close to Caltrain. I learnt the hard way lol
When I was looking for an apartment to live in I came across plenty of run down joints in bad streets around the $1.1K so it's possible but not recommended.
Finally, MV is great for the tech culture, food and location! :-)
I think the problem is that different people have very different definitions of "decent". I'm paying just over $1400/month now for what I consider a very nice apartment. If you don't mind living with working-class immigrants, there're lots of places that start at around $900/month for a 1BR or $600/month with a roommate along Easy St, Walker Dr, or California St.
It's cheap because we're house sitting for her for a year while she's away, so not sustainable, but a great find for us coming in from overseas without a stick of furniture to our names.