Report: Rents start to slow in Bay Area
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 growth. The 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.