Having ticked up around 5 percent through the first eight months of the year, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, slipped a little under 2 percent over the past month to around $4,275, which is effectively even with the same time last year and a few percentage points below its current cycle peak (which was set back in the fourth quarter of 2015).

And having been holding at around $3,600 a month, the average asking rent for a one-bedroom in the city has slipped to $3,550.

At the same time, the weighted average asking rent for an apartment in Oakland has slipped to a little under $2,900 a month, which is a few percentage points below its peak in the second quarter of 2016 but remains around 10 percent above its mark at the same time last year, with the average asking rent for a one-bedroom having slipped to around $2,450 a month (which is roughly 30 percent less expensive than in San Francisco versus 40 percent cheaper at the same time last year).

Our current trends analysis is based on pricing data from nearly 3,500 past and active 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.

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