Median one-bedroom prices were down 20.7% compared with October 2019, dropping to an average of $2,800. The two-bedroom median dropped 2.9% from the month prior to $3,690.
Zumper CEO Anthemos Georgiades even speculated on Twitter that his team thought New York City might eclipse San Francisco as the most expensive rental market in the country. “However NYC saw a steeper price dip in October and remains the second most expensive rental market at a median of $2,550,” he wrote.
The Bay Area has three of the country’s most expensive rental markets, but all are continuing to decline in pricing. Oakland had the largest decrease in one-bedroom median rent from the prior month, dropping 5.2%. Median one-bedroom rent fell to $2,020, and two-bedroom median rent decreased 2.6% from the prior month to $2,630.
Overall, Oakland one- and two-bedroom medians decreased 19.2% and 12.3% year over year, respectively.
San Jose one-bedrooms decreased 4.9% to $2,120 from the month prior and the two-bedroom median decreased 3.2% to $2,680. In total, one- and two-bedroom medians decreased by 13.5% and 9.2% from last year, respectively.
ApartmentList had similar findings, with a decline of 21.7% in San Francisco rents since the start of the pandemic. Company data shows that a median two-bedroom apartment in San Francisco now rents for $2,467, compared with $3,254 at this time last year.
As always, let’s never forget that while rents have plummeted, it’s all relative. The national one-bedroom median rent is $1,225, while the two-bedroom median is $1,483.