There’s more evidence that they’re getting a little droopy, those Bay Area rents.
And Oakland is leading the way: March rents were down 2.3 percent from one year earlier, as well as down 1.8 percent from February. In both categories (year-over-year and month-over-month), those were the biggest declines in California among its 10 largest cities.
That’s according to the latest study by the ApartmentList.com website, which pegged median Oakland rents at $2,000 for a one-bedroom and $2,500 for a two-bedroom.
This graph charts rent growth in Oakland versus California as a whole. Bear in mind that statewide rents have continued to climb, especially in smaller cities. (With a year-over-year March increase of 12.5 percent, Stockton actually had the fastest growing rents in the country.)
San Francisco placed second in the state in terms of declining rent costs, down 1.0 percent year-over-year and also down 0.8 percent month-over-month. Even so, the median San Francisco rents — $3,470 for a one-bedroom and $4,560 for a two-bedroom — remained the highest of any city in the nation, ApartmentList.com says.
There’s evidence of softening rents in San Jose, too: They remained flat on a year-over-year basis, but dipped 0.9 percent month-over-month. The San Jose medians for March were $2,350 for a one-bedroom and $2,750 for a two-bedroom.
However, if you are pinched by rent and looking for a new contract, hunt around, because you may find something better than what’s indicated in the study. ApartmentList doesn’t necessarily cover the smaller complexes or mom-and-pop landlord situations, where relative bargains may be found.
Another idea: If you work in the Bay Area but don’t mind commuting, think about Sacramento. While rents there were up 6.0 percent year-over-year and 1.5 percent month-over-month, the March medians still were far below those found in San Jose, Oakland and San Francisco: $1,160 for a one-bedroom and $1,300 for a two-bedroom.
You can read ApartmentList.com’s findings about Oakland here, about San Jose here and about San Francisco here. To see rental data from all 50 states and thousands of cities and counties around the U.S., go here.
Finally, here are California’s 10 most expensive cities for renters, according to ApartmentList.com:
