Having slipped by $25 a month in the second quarter of 2016, the average asking rent for an apartment in a building with over 50 units in San Francisco dropped by $96 (2.7 percent) to $3,499 a month in the third quarter of the year while the asking rent for an apartment in an East Bay building was $2,170, up by one dollar.
At the same time, while the apartment vacancy rate in San Francisco dropped from 4.9 to 4.3 percent, the average vacancy rate in Alameda County, which includes Oakland, ticked up from 3.1 to 3.6 percent and the average asking Alameda rent slipped by $11 (0.5 percent) to $2,310 a month, according to data from Cushman & Wakefield.
Across the greater Bay Area, the average asking rent slipped $14 (0.6 percent) to $2,508 per month while the vacancy rate held at 4.2 percent. But the asking rents did increase 3.6 percent to $1,847 in Sonoma County, 3.5 percent to $1,586 in Solano, 1.1 percent to $1,946 in Contra Costa and under a percent to $2,913 San Mateo and $2,656 in Marin.
And in terms of new supply, there are roughly 21,000 units of housing under construction across the Bay Area, including 7,000 units in San Francisco.