The weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, slipped another (1) percent over the past month with a bit of seasonality in play and now measures around $4,250 per month having peaked at around $4,450 per month back in the fourth quarter of 2015.
And the average asking rent for a one-bedroom in the city is now holding at around $3,550 per month, which is around one (1) percent lower than at the same time last year.
At the same time, the weighted average asking rent for an apartment in Oakland has ticked up a couple percent to around $2,925 a month, which is within two percentage points of its peak in the second quarter of 2016 and nearly 12 percent higher than at the same time last year, with the average asking rent for a one-bedroom having ticked up to around $2,500 a month.
Our latest trends analysis is based on pricing data from nearly 3,800 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.
And the premium for a one-bedroom in San Francisco as compared to Oakland has been holding at 30 percent over the past quarter but is down from nearly 40 percent at the same time last year.