While the weighted average asking rent for an apartment in San Francisco dropped 3 percent in November, the average asking rent in Oakland ticked up ticked up a little over 2 percent to $2,625 per month, which is 8 percent higher than at the same time last year and within 2 percent of its pre-Covid average but still 11 percent below its 2016-era peak.

As such, the relative discount in asking rents between Oakland and San Francisco, which was running around 34 percent prior to the pandemic, had dropped to 24 percent early last year and then ticked back up to 32 percent in July, has dropped back down to 26 percent, with the average asking rent for a one-bedroom apartment in Oakland currently running around $2,300 a month versus closer to $3,000 in San Francisco.

Leave a Reply

Your email address will not be published. Required fields are marked *