The average asking rent for an apartment in a building with at least 50 units in San Francisco ticked up to a record $3,623 per month in the third quarter of 2015, up 2.8 percent over the past three months but only (yes, only) 6.6 percent higher versus the same time last year.
Keep in mind that the average asking rent in San Francisco was 9.1 percent higher on a year-over-year basis in the second quarter of 2015 and 13 percent higher, year-over-year, in the first quarter of the year.
The average asking rent in San Francisco has increased 62 percent since 2009. And the average asking rent for a studio in San Francisco is now $2,976, according to Cushman & Wakefield.
At the same time, the average asking rent for an apartment in the East Bay has increased to a record $2,105 a month ($1,655 for a studio), up 2.7 percent over the past three months and 11.7 percent higher, year-over-year. The average rent for an apartment in Alameda County, which includes Oakland, is now $2,257 per month, up 13.2 percent over the past year.
Asking rents for apartments in the East Bay have increased nearly 30 percent over the past two years, higher than anywhere else in the Bay Area. And the vacancy rate for apartment buildings in Alameda County currently measures 2.8 percent versus 4.1 percent in San Francisco.
The current average asking rent for an apartment in San Mateo County is $2,871 per month, up 11.3 percent year-over-year. And the current average asking rent in Santa Clara is $2,623 per month, up 10.7 percent year-over-year.