Having slipped around 3 percent in the first quarter of the year, the weighted average asking rent for an apartment in San Francisco is currently holding at around $4,000 a month, which is around 3 percent cheaper than at the same time last year and 10 percent below a 2015-era peak of around $4,450 per month, with the average asking rent for a one-bedroom in the city having now dropped to around $3,400 per month (which is down 6 percent on a year-over-year basis and 8 percent below peak).
At the same time, listing activity for apartments has recently jumped and is currently up over 50 percent versus the same time last year.
And having dropped around 6 percent in the first quarter of the year, the weighted average asking rent for an apartment in Oakland is now holding at around $2,600 a month, which is around 2 percent higher than at the same time last year but 8 percent below its peak in the second quarter of 2016, with the average asking rent for a one-bedroom having inched up to $2,350 a month (versus closer to $2,500 a month at peak).
Listing activity is up in Oakland as well, albeit by closer to 20 percent.
Our trends analysis was based on pricing data from nearly 4,200 past and active listings for apartments in San Francisco and Oakland combined and for which the “weighted average” apartment totals 2.3 bedrooms when counting a studio as having one.