Report: A look back at a wild decade of Bay Area real estate
With the decade coming to a close, RENTCafe looked at trends in the rental market in terms of prices, demographics and construction.
Among the findings of the report looking at the real estate scene in the last 10 years:
- Currently at $3,680, the average rent in San Francisco increased by 70% in the past decade, while the median home price swelled by 95%, while the median income went up 61%.
- In San Jose, the average rent at the end of the decade at $2,697 is 74% higher than it was in 2010. And the median home price increased by 124% in 10 years.
- In terms of growth this decade, Oakland hit a new record due to a 108% increase in rent.
- Santa Clara ends the decade with a 60% share of renters, the 18th highest concentration of renters among the 260 largest US cities.
- San Francisco added 40,400 units this decade, the 17th highest number in the nation. More than a third of these units were classified as luxury.
- Both the San Francisco and San Jose metro areas have been shrinking in population this decade, by 17,600 and 13,500 respectively.
- With more than 38% of the population born between 1976 and 1995, San Francisco and Sunnyvale are among the top 10 cities with the highest shares of Millennials at the end of the decade.
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