As projected, the weighted average asking rent for an apartment in Oakland has ticked up around 2 percent over the past two months to around $2,340 a month, representing a total increase of around 3 percent since effectively bottoming in May.
That being said, the weighted average asking rent for an apartment in Oakland is still 10 percent lower than at the same time last year, over 12 percent lower than prior to the pandemic and 21 percent below a 2016-era peak of closer to $3,000 per month.
And in fact, the average asking rent actually slipped a little over the past week while listing activity ticked up around 10 percent and is still 150 percent higher than prior to the pandemic and 80 percent higher than at the same time last year. We’ll keep you posted and plugged-in.
Every time I turn on nightly news there is 1 (or 2) murder(s).
Surprised rent did not drop 25%.
While asking rents didn’t drop 25 percent in Oakland, they did in San Francisco.
And your point is…every (time this happens) 1 or 2 vacancies open up? Try to contribute more positively, like pointing out the supply continues to grow, which when added to your body count mean nearly 300 more units will be available soon!!
ST is (I believe) surprised that people aren’t worried about getting murdered and choosing to flee Oakland in greater numbers.
Not surprising to me since the murders are concentrated almost entirely among people who don’t have many options for moving. The people that make a difference in the marginal rents wouldn’t be impacted even if the murder rate jumps by 5x.
Thanks: yes that’s the point we’re all dancing around, but the obvious reality is murder rates – or even more generally, crime rates – seem to have little to do with rents…at least BETWEEN cities, WITHIN cities a more plausible argument can be made that the reason a studio in Adams point or Elmwood rents for Xx as much as one in Elmhurst has little to do with there being 3 bus stops outside your door in the former, versus 1 in the latter, and more to do with your chance of becoming the wrong kind of statistic waiting for AC Transit at 85th/Bancroft @ 10:30PM (or even 10:30 AM).
But wait a minute, ye thinks, wouldn’t Oakland be on par with SF – or at least closer to ‘on par’ if it were safer? Perhaps, but even in the 30’s-50’s – when that was the case – there was still a large differential: life expectancy, it seems, is overrated. Real-estate-wise..
ST doesn’t appear to comprehend the concept of “K-shaped” economic growth. AKA our dystopian future due in most to poor monetary policy choices.
2016 was crazy. Thousands of young people forced to sketchy warehouse situations like Ghost ship. City of Oakland never took any responsibility for their culpability in the December 2, 2016 fire.
It feels like some measure of affordability has returned to the market and that people don’t have to work 2 jobs @ 80 hours a week to survive.
The worst is over in terms of rental price unaffordability, in my opinion. City leaders (SF and Oakland) realized they under-built for decades and there is much more urgency, as well as louder housing advocates and more pro-development laws on the books, to keep development steady.
Your opinion is not shared by all, apparently.