Rents Down In S.F., San Jose
San Francisco Bay Area rents are flattening and even softening. Data from multiple sources reveals a single-digit decline in San Francisco and San Jose markets, while peripheral markets such as the East Bay and Sacramento boasted the region’s largest rent increases.
RealPage data shows rents last year were down in San Jose by 1.2% and in San Francisco by 0.8% while Sacramento’s rents increased 9.3%. Yardi Matrix data calculates year-over-year rent growth was only 0.4% in San Francisco. Sacramento’s rents increased 11.4%, as a result of limited supply and strong demand, according to Yardi Matrix.
ApartmentList.com calculated the median price of a two-bedroom apartment in San Francisco was $4,550/month in mid-December, down by 2.5% from a year ago, reports the East Bay Times. San Jose’s two-bedroom median was down 0.7% to $2,550. East Bay markets saw a modest increase with Oakland up 0.8% to $2,500, Pleasanton up by 8.1% to $2,770 and Concord up 6.8% to $1,900.
San Francisco still has among the highest rents in the Bay Area. A two-bedroom in South Beach averages $5,500, while Mission Bay averages $4,910, according to the East Bay Times.
San Francisco’s Inner Richmond and Dolores Heights neighborhoods also were among the top 10 most competitive neighborhoods for homebuyers last year, reports Redfin.