Having ticked up a couple percent in February, the average asking rent in Oakland slipped a percent in March to $2,600 per month. As such, while the average asking rent in Oakland is 6 percent higher than at the same time last year, it’s still 3 percent below its pre-Covid mark and 13 percent below its 2016-era peak, versus 12 percent lower than prior to the pandemic in San Francisco, which is 18 percent below San Francisco’s 2015-era peak.
As such, the relative discount in asking rents between Oakland and San Francisco, which had dropped from around 34 percent prior to the pandemic to 24 percent in the first quarter of 2021, has ticked back up to 28 percent, with the average asking rent for a one-bedroom apartment in Oakland currently running around $2,200 a month versus closer to $3,000 in San Francisco.
Our analysis of the rental market in San Francisco and Oakland is based on over 200,000 data points going back two decades, not just a few years, that we maintain, normalize and index on a monthly basis. We’ll keep you posted and plugged-in.