Housing

Report: Rents start to slow in Bay Area

Rent
Mark Prado

Bay Area rents were still up in March, but the 2.3% year-over-year increase showed a decline in comparison to last year, according to a new report from RentCafe.

San Francisco rents went up by only 0.9%, compared to last year's 4.8% year-over-year growthThe slowdown is most visible in Oakland, where apartment prices decreased after months of steady growth.

​The data noted:

  • Of the 13 cities with apartment prices over $3,000 in the report, three saw rents drop year over year. The priciest city for renters in the Bay Area, Menlo Park ($4,163) experienced a 1.9% decrease.
  • Rohnert Park ($1,939) witnessed the most significant rent decrease compared to last year, 2.3%.
  • At the other end of the spectrum, rents in Napa ($2,215) increased the fastest in the Bay Area, going up by 6% since March 2019.
  • On a monthly basis, San Francisco ($3,667) and San Jose ($2,817) rental markets do not seem to be impacted by the coronavirus outbreak yet, as both cities recorded a 1% rent increase since February this year.
  • Oakland ($2,909) deserves a special mention. From an 8% growth rate in March last year to 2.7% this year, the city has seen a significant rent decline. 

The full Bay Area Rent Report is here and see how these prices compare to others in the region in a National Rent Report.

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