The weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, has inched up to around $4,350 per month, which is roughly 2 percent above its mark at the same time last year and within a percent of its current cycle peak which was set back in the fourth quarter of 2015.
That being said, the average asking rent for a one-bedroom in the city is holding at around $3,600 a month with the aforementioned “inching” in the overall average rent being lifted by an increase in the mix of larger units that are now on the market.
At the same time, the weighted average asking rent for an apartment in Oakland has ticked up to around $2,900 a month, which is around 7 percent above its mark at the same time last year and within 5 percent of its peak in the second quarter of 2016, with the average asking rent for a one-bedroom approaching a record $2,500 a month and competition for smaller, entry-level units disproportionately driving the increase in the city’s average asking rent.
Keep in mind that our trends analysis is based on pricing data from nearly 3,200 past and current apartment listings in San Francisco and Oakland combined and for which the “weighted average” apartment totals 2.4 bedrooms when counting a studio as having one.