It's Official: San Francisco, San Jose Rents Are Down

Julie Littman / Bisnow

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Delaware Statutory Trust Fundraising Jumps 27% From 2025

Hines Spends $170.5M On Mixed-Use Portfolio In Dallas' Bishop Arts District

San Francisco Office Market Climbs, Fueling Demand For Large Blocks, Luxury Space

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Properties Owned By REIT Accused Of Fraud To Be Auctioned Off

CRE Finance Sentiment Index Falls To 3-Year Low As Economic Fears Mount

RN3 Enters Dutch Logistics Market With DHL Sale-Leaseback Deal

Major NYC Multifamily Firm Expands With Tech-Driven Operations

Multifamily's Days As Commercial Real Estate's 'Golden Child' Are Over

Riverwards Secures $36M In Construction Financing For Philly Apartment Project

Lioncor Bets Ireland's Residential Reset Can Unlock A New Wave Of Capital

Structural Design Decisions Can Box Owners In. The Right Partner Can Help Them Make More Informed Decisions