rents decreasing

For the sixteenth consecutive week, rental prices have fallen nationwide. In the 50 largest metro areas, the median rent in November was $1,703, down $17 from October and $57 below it’s high in August 2022.

Generally, smaller properties saw the largest percentage of decline with studio apartments down 1.6% year over year.

It’s important to remember, however, that current rents are significantly higher than before the pandemic (18.1%) which, while steep, pales in comparison with 49.7% increase in price per square foot home sales.

The Mercury News reports that for the fourth consecutive month, rents in the Bay Area have decreased.

Of course, relativity comes into play here as average rents in the San Francisco metro area are $3,168; in Oakland, $2301; and in San Jose $2,640. Nationwide, the average rent is 1,272.

However, the trend looks to be positive for Bay Area renters. Many landlords are reporting unfilled units and are responding by further dropping prices. Some are even accepting applicants with less than perfect credit, providing they can supply a good explanation.