Following the trend we first noticed forming twelve months ago, asking rents for apartments in San Francisco and Oakland have dropped over the past year.
In fact, based on a comparison of nearly 3,000 listings, the weighted average asking rent for an apartment in San Francisco (including one-off rentals as well as units in larger developments) has dropped to around $4,100 a month, which is not only down around 3 percent over the past two months with typical seasonality in play, but also around 2 percent lower on a year-over-year basis and 8 percent below a peak in the fourth quarter of 2015.
At the same time, while the weighted average asking rent for an apartment in Oakland inched up a percent over the past two months to around $2,380 per month, it’s down around 5 percent from the middle of July and 10 percent lower versus the same time last year having dropped nearly 20 percent from its peak in the summer of 2016.
And as such, the premium for renting an apartment in San Francisco versus Oakland is currently running around 70 percent versus a below average 60 percent at the same time last year.
This may make it easier for those who have to ask how to get an apartment with no credit to get accommodation, but there will likely still be hurdles. Additionally, the prices are still very high compared to other areas of the country and state, likely due to the real estate reputation that the San Francisco area holds.