Having increased 7 percent last year, the weighted average asking rent for an apartment in Oakland has ticked up nearly 3 percent over the past few weeks to $2,500 a month, which is 8 percent higher than at the same time last year, driven by a 5 percent increase in the average asking rent for a studio, which is nearing $1,800 a month for the first time since the third quarter of 2020.

That being said, the average asking rent in Oakland is still 6 percent lower than prior to the pandemic, versus 17 percent lower in San Francisco, and 16 percent below a 2016-era peak of closer to $3,000 per month.

And while listed inventory levels have ticked up in San Francisco over the past month, the number of apartments listed for rent in Oakland dropped around 10 percent, and are down 30 percent on a year-over-year basis, but with 80 percent more inventory than in January of 2020 (at which point asking rents were 10 percent higher than today).

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