Having effectively held for a quarter, the average asking rent for an apartment in Oakland has started to drop, ticking down a little over 2 percent over the past month to $2,550 per month.

While 2 percent higher than at the same time last year, which is well below the rate of inflation, even historically, the average asking rent in Oakland is now 5 percent lower than prior to the pandemic and nearly 15 percent lower than its 2016-era peak of closer to $3,000 a month, with the average asking rent for a one-bedroom still hovering around $2,200 a month, which is 12 percent below peak and around 40 percent cheaper than in San Francisco while the cost of capital has gone up.

Our analysis of the rental markets in Oakland and San Francisco is based on over 200,000 data points going back two decades, not simply a couple of years, that we maintain, normalize and index on a monthly basis. We’ll keep you posted and plugged-in.

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