Report: Bay Area rental market stays hot

The Bay Area rental market is still hot, according to a new study issued by RENTCafé.

A need for housing and insufficient supply of new apartments has kept rates on a strong upward trend in the Bay Area.

Only one city out of the 44 analyzed saw prices drop by more than 1% year-over-year. However, the seasonal wind-down is visible across most markets, as only four cities experienced a month-over-month growth of 1% or more.

Some more highlights:

• San Francisco ($3,706) rents remained flat over the month, but are still 3.1% higher compared to August 2018. In San Jose ($2,790), apartment prices dropped a mere 0.1% since July and are now 1.9% more expensive than this time last year.
• Of the 44 large Bay Area cities analyzed, only Santa Rosa ($1,957) saw a considerable rent decrease YoY, 1.6%. Apartment prices cooled down between 0.2% and 0.3% YoY in Dublin ($2,610), Rohnert Park ($1,991), and Alameda ($2,528).
• At the other end of the spectrum, Oakland ($2,924) leads regional growth with an 8.5% increase in rents since last year, followed by Menlo Park ($4,389) and Foster City ($3,545) with growth rates of 7.9% and 7.7% respectively. Oakland is about the become the first mid-sized city to surpass the $3,000 mark.

You can read RENTCafé's National Rent Report here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/peak-rental-season-comes-end-national-average-rent-reaches-1472/.