Asking Rents in San Francisco and Oakland Drop, Listings Up

abffa San Francisco Aerial 2019 Asking Rents in San Francisco and Oakland Drop, Listings Up

Having already started to slip earlier this year, prior to the COVID-19 hit, the weighted average asking rent for an apartment in San Francisco dropped around 2 percent in March to $4,000 a month, which is around 1 percent lower on a year-over-year basis and 10 percent below its 2015-era peak of around $4,450 per month, with the average asking rent for a one-bedroom in the city down to around $3,475 per month (which is around 4 percent lower than at the same time last year and 5 percent below peak).

At the same time, the weighted average asking rent for an apartment in Oakland dropped down around 3 percent in March to $2,600 a month, which is less than a percent lower than at the same time last year but around 8 percent below its peak in the second quarter of 2016, with the average asking rent for a one-bedroom down to $2,300 a month (versus closer to $2,500 a month at peak).

As such, the premium for a one-bedroom in San Francisco as compared to Oakland has ticked up to 34 percent (having narrowed to 29 percent at the end of last year but averaged over 40 percent in 2015).

Our latest trends analysis was based on pricing data from nearly 4,300 past and active listings for apartments in San Francisco and Oakland combined, the number of which has jumped over the past month, and for which the “weighted average” apartment totals 2.3 bedrooms when counting a studio as having one.

Article source: http://socketsite.com/archives/2020/04/asking-rents-in-san-francisco-and-oakland-drop-listings-up.html

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