New report: Bay Area shows mixed rental prices
A new RENTCafé report shows the average rent in the Bay Area increased by 2% year-over-year ($62), coming in at $2,799 in October. Compared to this time last year, only three cities out of the 44 analyzed saw prices drop by 1% or more. From September to October, though, apartment prices cooled down in 26 markets, where rents declined between 0.1% and 2.3%.
Here are some more highlights:
- In San Francisco ($3,733) rents increased by 0.3% since last month, and they currently shwoing an annual growth of 3.3%. In San Jose ($2,729), apartment prices are 0.6% lower than last month and, compared to last year, they dropped 0.2%.
- Of the 44 large Bay Area cities analyzed, Richmond ($2,145) saw the most significant month-over-month rent drop (2.3%) and also the largest year-over-year decrease (6.7%).
- At the other end of the spectrum, Oakland ($2,916) leads regional growth for the third consecutive month with a 7.7% year-over-year increase in rents, followed by Pacifica ($3,009) and Vacaville ($1,830) with growth rates of 7.2% and 6.4% respectively.
You can read RENTCafé’s National Rent Report or check out the rents in the Bay Area broken down by region here: https://www.rentcafe.com/blog/rental-market/local-rent-reports/bay-area-rent-report-october-2019/
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