Rents slowly increasing

Green Escrow | Rental

As the pandemic eases, rents in the Bay Area are slowly increasing, although they remain below pre-COVID levels for the most part. Over the last three months, San Jose has seen an increase of 2.9 percent, while Oakland is up 3.6 percent and San Francisco 5.3 percent.

Some analysts believe that rents may never return to pre-2020 levels because many who left the Bay Area during the past year will not return.

Even with the downturn in rental rates, Bay Area cities remain among the six most expensive areas in which to live in the nation.

Rising Rents in San Francisco & Oakland

Market News

Rents are continuing to rise at a rapid rate in both San Francisco and Oakland according to a new report by Trulia. The price to rent an apartment or home in San Francisco rose by 14.5 percent in August 2014 from a year before (August 2013) while rent in Oakland increased by 14.4 percent. In fact, the only place in the country with more rapidly rising rents is Sacramento at 14.9 percent.

Developers in San Francisco are scrambling to bring new units into the marketplace while the reverse is true in Oakland where few developers are currently building.

The median monthly rent in San Francisco is currently $3,500, which is tied with New York City for the highest in the United States. The median rent in Oakland is now $2,600 per month.