Believe it or not, rents may be falling in San Jose and San Francisco

Falling rents? What a concept.

Especially in the Bay Area, ground zero for jumbo-sized rent hikes.

But the latest research from Abodo, the apartment search website, shows something new: rents actually dropping between August and September in San Jose and San Francisco. In fact, those cities were on Abodo’s Top 10 list for the “Biggest Fall” in rents for one-bedroom apartments during that period.

The website’s National Apartment Report for September shows the average monthly rent for a one-bedroom apartment in San Jose dropping from $2,790 to $2,455, a 12 percent decline — and the second-largest decrease among U.S. cities. A one-bedroom in San Francisco fell 6 percent, from $3,952 to $3,698, the seventh-largest decline.

However, there’s bad news if you live in Oakland: Rents continued to climb there, from $2,254 to $2,299, a 2 percent increase — the nation’s 23rd-largest increase in rent price, if you’re keeping track.

Adobo based its ratings for San Jose, San Francisco and Oakland on a sampling of 6,701 properties, according to Sam Radbil, the website’s spokesperson.

A few other highlights:

  • Miami led the nation for the biggest rise in rent for a one-bedroom: a 9 percent increase, from $1,599 to $1,739.
  • Seattle scored the largest fall in rent: 13 percent, from $2,170 to $1,890.
  • Three California cities made the Top 10 for “Biggest Rise”: Bakersfield, up 9 percent; Fresno, up 6 percent; Riverside, also up 6 percent.
  • And four California cities made the Top 10 for “Biggest Fall”: In addition to San Jose and San Francisco, they are Los Angeles, down 8 percent, and Long Beach, down 7 percent.

Read the report here.

Abodo

 

Photo at top: A new crane rises up in downtown San Jose on May 18, 2015 for a seven-story apartment complex under construction at 51 N. 6th Street. (Karl Mondon/Bay Area News Group)

 

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  • hoapres

    Wait until the tech market crashes.

    It’s crazy.

    Say you make $140K a year at Facebook. Figure about $40K in taxes. Then start paying $40K a month in rent. You won’t have much money left over.

    It’s even worse if you make $60K a year.

    People are just starting to MOVE out of the area.

    • josephine

      yippie!

    • Mark

      Not that many people at $140k/year at Facebook. A relatively small chunk of senior engineers. The rest are significantly less. Facebook’s headcount is mostly non-technical.

      • hoapres

        True

        I was talking about senior level engineers. I believe that the starting salary for full time technical hires is about $120K a year.

        However, Facebook like everybody else is loaded with temporary contract employees making substantially less.

  • Jason Williams

    People are moving OR have moved. Less demand, lower cost.

  • Well, everything has cycles, the peaks and the offs. The offs might be the talking point for now, but I really don’t expect it to go that far. It’s only there for sometime then it stabilizes. Other areas of the economy are enough proof to this and I feel proof is everything..just like this one too. https://buyviews.co/the-impact-of-social-proof-on-youtube-videos/

  • Skirnir Hamilton

    Anyone see this phantom rent drop? I sure wish I did.

 
 
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