Under the headline, “For the first time, Zillow’s Oakland rent index surpasses $3k,” SFGate continues on to report: “In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month, up 70.9 percent from $1,757 in January 2013.”
But as we noted when SFGate misreported the same stat for San Francisco last year, Zillow’s Rental Index is based on estimated, versus actual, rents. And while the index does take into account the estimated rents for single family homes and condos, it doesn’t include…apartments!
Once again, Zillow’s index and the average rent of $3,003 in Oakland, as reported by SFGate and others, does not include apartments.
In fact, based on our sampling of over 200 active listings for rentals in Oakland, including apartments, the weighted average asking rent in the city is currently running around $2,645 per month.
And assuming the same mix of units, while that average rent is up a little under a percent since the beginning of the year, with seasonality in play, the current average asking rent in Oakland is actually 3.5 percent lower on a year-over-year basis.