Oakland ascends to nation’s 4th most expensive rental market

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  • 779d6 a Oakland ascends to nations 4th most expensive rental market


Going up! Oakland rent this year, courtesy Zumper.

Image 1 of 16 – 1 BRs in Oakland now rent at $2190

Going up! Oakland rent this year, courtesy Zumper.

Going up! Oakland rent this year, courtesy Zumper.

This 1 BR/1 BA on Farimount rents for $2095. It is under 700 square feet. https://www.zumper.com/apartments-for-rent/11500183/1-bedroom-oakland-ave-harrison-st-oakland-ca

Image 2 of 16 – 1 BRs in Oakland now rent at $2190

This 1 BR/1 BA on Farimount rents for $2095. It is under 700 square feet. https://www.zumper.com/apartments-for-rent/11500183/1-bedroom-oakland-ave-harrison-st-oakland-ca

This 1 BR/1 BA on Farimount rents for $2095. It is under 700 square…feet….https://www.zumper.com/apartments-for-rent/11500183/1-bedroom-oakland-…ave-harrison-st-oakland-ca

Inside Fairmount, nothing too amazing is happening,– except the rent increase! Photo: Zumper

Image 3 of 16 – 1 BRs in Oakland now rent at $2190

Inside Fairmount, nothing too amazing is happening,– except the rent increase! Photo: Zumper

Inside Fairmount, nothing too amazing is happening,– except the rent…increase! Photo: Zumper

Kitchen/living room view. Photo: Zumper

Image 4 of 16 – 1 BRs in Oakland now rent at $2190

Kitchen/living room view. Photo: Zumper

Kitchen/living room view. Photo: Zumper

Kitchen. Photo: Zumper

Image 5 of 16 – 1 BRs in Oakland now rent at $2190

Kitchen. Photo: Zumper

Kitchen. Photo: Zumper

Boring bedroom. Photo: Zumper

Image 6 of 16 – 1 BRs in Oakland now rent at $2190

Boring bedroom. Photo: Zumper

Boring bedroom. Photo: Zumper

Option 2, at Adam’s Point, a little over 700 square feet is this 1 BR/1BA renting for $2300 a month. https://www.zumper.com/apartments-for-rent/11692914/1-bedroom-adams-point-oakland-ca

Image 7 of 16 – 1 BRs in Oakland now rent at $2190

Option 2, at Adam’s Point, a little over 700 square feet is this 1 BR/1BA renting for $2300 a month. https://www.zumper.com/apartments-for-rent/11692914/1-bedroom-adams-point-oakland-ca

Option 2, at Adam’s Point, a little over 700 square feet is this 1…BR/1BA renting for $2300 a month….https://www.zumper.com/apartments-for-rent/11692914/1-bedroom-adams-po…int-oakland-ca

inside Adam’s Point. Photos: Zumper

Image 8 of 16 – 1 BRs in Oakland now rent at $2190

inside Adam’s Point. Photos: Zumper

inside Adam’s Point. Photos: Zumper

living room and view. Photos: Zumper

Image 9 of 16 – 1 BRs in Oakland now rent at $2190

living room and view. Photos: Zumper

living room and view. Photos: Zumper

View. Photos: Zumper

Image 10 of 16 – 1 BRs in Oakland now rent at $2190

View. Photos: Zumper

View. Photos: Zumper

kitchen. Photos: Zumper

Image 11 of 16 – 1 BRs in Oakland now rent at $2190

kitchen. Photos: Zumper

kitchen. Photos: Zumper

bedroom. Photos: Zumper

Image 12 of 16 – 1 BRs in Oakland now rent at $2190

bedroom. Photos: Zumper

bedroom. Photos: Zumper

bath. Photos: Zumper

Image 13 of 16 – 1 BRs in Oakland now rent at $2190

bath. Photos: Zumper

bath. Photos: Zumper

Bath, view 2. Photos: Zumper

Image 14 of 16 – 1 BRs in Oakland now rent at $2190

Bath, view 2. Photos: Zumper

Bath, view 2. Photos: Zumper

building lobby. Photos: Zumper

Image 15 of 16 – 1 BRs in Oakland now rent at $2190

building lobby. Photos: Zumper

building lobby. Photos: Zumper

Exterior. Photos: Zumper

Image 16 of 16 – 1 BRs in Oakland now rent at $2190

Exterior. Photos: Zumper

Exterior. Photos: Zumper

Last week, we learned the surprising news that San Francisco’s median rent took a dip in November, the first in many months of steady upward progress. But across the Bay, the news differs, according to Zumper’s National Rent Report.

Oakland for the first time this November became the fourth most expensive rental market in the country, surpassing San Jose for the first time. One bedrooms increased 19 percent in the past year to $2,190, while two bedrooms increased 13.3 percent to reach $2,550.”

Oakland rent growth continues to outpace San Francisco’s, which isn’t much of a surprise given that S.F. rent started high and Oakland’s has far to go to match up with that former city’s median one-bedroom rent of $3,500 a month. But interesting indeed is Oakland edging out San Jose.

In fact, San Jose rents are down. Per Zumper, “San Jose, Calif., dropped to sixth place on our list, paring some of the gains seen so far this year. One bedrooms dropped 2.3 percent to $2,130, while two bedrooms were down a slight 0.4 percent to $2,710.”

Zumper’s data

Readers asked last week about the method used in this report. Zumper’s Devin O’Brien, who writes the monthly National Rental report, explains: “The Zumper National Rent Report analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 50 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.”

Oakland rent crisis

Zumper isn’t the only real estate/rental market site to notice Oakland’s striking market activity. To quote Smart Asset, “The East Bay was once an oasis of affordability in the otherwise pricey Bay Area. No longer. According to RentJungle.com, fair market rents in the Oakland area have nearly doubled since 2011. Meanwhile, median income in Oakland has increased by 11.3 percent, a significant amount but not nearly enough to compensate for the skyrocketing rental rates.”

The East Bay Express puts that income/rent ratio a bit more dramatically: “Oakland is slipping out of the hands of most of its residents. If the average Oakland renter had to move tomorrow into a market-rate rental apartment, they would need to pay a staggering 70 percent of their income on rent.” The recommended percentage for financial stability, incidentally, is 30 percent or less.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert.

 

 

Article source: http://blog.sfgate.com/ontheblock/2015/12/21/oakland-ascends-to-nations-4th-most-expensive-rental-market/

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