If you’ve been perusing Craigslist lately, you may have noticed the rental market appears to be softening. Sure, the prices on those listings would still make most Americans’ eyes pop out of their heads. But it at least appears things may be leveling out a bit for the time being.
In certain pockets of the Bay Area, rent prices are even dropping — albeit not by much. RentCafe identified 10 Bay Area zip codes where the price of renting an apartment had dropped between January 2018 and January 2019.
Most of the zip codes saw very little change, sometimes less than a one-percent drop. But we’ll take any savings, even if it’s just a bit.
See the Bay Area neighborhoods where rent prices are dropping in the slideshow above.
Several Sonoma County cities saw softening rent prices in 2018. One possible explanation is rooted in tragedy: the North Bay fires of October 2017. In the aftermath of the fire, housing prices spiked due to an immediate shortage of homes and apartments. More than a year later, it’s likely the market was correcting for the extreme fluctuation.
The data in the slideshow was provided to SFGATE by RentCafe, an apartment listing website.
Read Alix Martichoux’s latest stories and send her news tips at firstname.lastname@example.org.
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