Hard to believe, but rents fell again in San Jose and San Francisco

A pattern? A trend?

How about a ray of hope?

For the second month in a row, rents have fallen in San Jose and San Francisco. Mind you, renting still costs a fortune, but any hint of a downward trend in the Bay Area rental market is news.

According to new data from Abodo, the apartment search web site, rents dropped 7 percent between September and October in San Jose — from $2,455 to $2,293 for a one-bedroom apartment. Percentage-wise, that was the fifth largest drop in the nation.

During the same period, San Francisco rents fell 6 percent for one-bedroom flats, from $3,698 to $3,483. That decline was the sixth largest among the nation’s markets.

Don’t get too excited, however. Because once again, rents climbed in Oakland — by 5 percent, from $2,256 to $2,358 for a one-bedroom. That increase places Oakland in the sixth position on Abodo’s Top 10 list for the “Biggest Rise” in rents.

You can see the “Top 10” charts (for “Biggest Rise” and “Biggest Fall”) here.

Other highlights:

  • Miami was No. 1 in the nation for the largest increase in rent for a one-bedroom: a 9 percent hike, from $1,739 to $1,891.
  • El Paso, TX, scored the largest decrease in rent: 12 percent, from $830 to $731.
  • Sacramento was No. 2 for “Biggest Fall,” registering a 10 percent drop from $1,124 to $1,007.
Abodo

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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