Sky-high Bay Area rents keep softening

Sky-high Bay Area rents softened a smidgeon last month, at least if you were looking for a 1-bedroom apartment.

That’s the takeaway from a new report by Abodo, the apartment listings website.

Its June report shows that San Jose rents declined 3.34 percent between May 1 and June 1 — the fifth largest decline among the nation’s major cities, leaving the median rent for a 1-bedroom at $2,401. San Francisco had the ninth largest month-over-month dip — 2.01 percent, bringing the 1-bedroom median there to $3,284. Oakland — which didn’t crack the national “Top 10” for rent decreases — showed a more moderate fall-off of 0.97 percent, bringing the median 1-bedroom rent to $2,009.

You can read Abodo’s report here.

Now get this: SiliconBeat asked Abodo to further crunch its data to show rent trends in the Bay Area over the past year.

What it came up with is significant. Median rents for 1-bedroom flats have dropped by double digits in the region’s three biggest markets: by 14.29 percent year-over-year in Oakland; by 11.86 percent year-over-year in San Francisco; and by 11.76 percent year-over-year in San Jose.

On the other hand, rents on 2-bedroom flats don’t seem to be softening as much. On a month-over-month basis, the median for a 2-bedroom was actually up 3.11 percent to $2,352 in Oakland; up 1.32 percent to $2,928 in San Jose; and marginally down by 0.03 percent to $4,358 in San Francisco.

To complete the mixed message, all three cities remain on Abodo’s Top 10 list for the nation’s most expensive markets, when it comes to renting a 1-bedroom apartment.

San Francisco ranks first, the costliest rental market in the United States.

San Jose ranks third. Oakland ranks seventh.

Finally, here’s a list of the nation’s 25 costliest markets for 1-bedroom apartments:

Top: Map courtesy of Abodo

 

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