Having ticked down in the second quarter of 2023, the weighted average asking rent for an apartment has since ticked up around 2 percent to $2,575 per month, which is effectively unchanged (-0.4 percent) versus the same time last year.

As such, the average asking rent for an apartment in Oakland is still 4 percent lower than prior to the pandemic and nearly 14 percent below its 2016-era peak of closer to $3,000 a month, with the average asking rent for a one-bedroom having effectively held at around $2,200 a month for over a year, which is around 12 percent below peak and 40 percent cheaper than in San Francisco, while the cost of capital has continued to rise along with the number of apartments listed for rent, the inventory of which is now up 20 percent on a year-over-year basis in Oakland.

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.

Leave a Reply

Your email address will not be published.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