The average asking rent for an apartment in the Bay Area increased to a record $2,234 in the third quarter of 2014, up 3.5 percent over the past three months and 11.4 percent higher versus the same time last year. And the average Bay Area studio is now renting for $1,931 per month, according to RealFacts, up 12.5 percent over the past year.
While San Francisco remains the most expensive Bay Area market with an average asking rent of $3,400 per month, up 5.3 percent over the past three months and 9.8 percent higher versus the same time last year, the largest increase over the past year has occurred in Oakland where the average rent now measures $2,498 per month, up 3.2 percent over the past three months and 17.6 percent higher, year-over-year.
Average rents in Santa Clara and San Mateo have both risen 10.7 percent since the third quarter of 2013 and now average $2,369 and $2,580 per month, respectively.
Keep in mind that RealFacts statistics are based on a survey of institutional buildings with at least 50 units, buildings which tend to offer amenities beyond the walls of the apartments and are prime candidates for corporate rentals and tenants with relocation packages.