Bay Area housing pressures continue: Rents rise again

Rents continued to rise across the Bay Area in September, with San Jose, Oakland and San Francisco all registering year-over-year increases, according to a new report.

It offers little relief to hard-pressed renters.

In San Jose, the median cost of rents rose 2.5 percent year-over-year to $2,050 for a one-bedroom apartment and $2,570 for a two-bedroom unit, according to the report by the ApartmentList.com web site, which tracks rents nationwide.

In Oakland, rents rose 5.4 percent from a year earlier to $1,780 for a one-bedroom and $2,240 for a two-bedroom, while San Francisco apartments inched up 1.6 percent to $2,450 for a one-bedroom and $3,080 for a two-bedroom.

The report points out that rent increases are more than a regional phenomenon; they’re happening across California. Still, a spot-check of 17 Bay Area cities — where rents already were sky-high — shows continued increases almost everywhere. That means tenants must dig even deeper to get an apartment here.

There were a handful of exceptions, where rents fell year-over year. They were down 2.7 percent in Berkeley (to $2,060 for a one-bedroom and $2,590 for a two-bedroom); down 0.9 percent in Daly City ($2,520 for a one-bedroom, $3,170 for a two-bedroom); and down 0.4 percent in Campbell ($1,890 for a one-bedroom, $2,370 for a two-bedroom).

Elsewhere, it was plain old bad news for renters. In Cupertino, rents rose 6.0 percent year-over-year to $4,020 for a one-bedroom and $5,040 for a two-bedroom. Ouch. In Sunnyvale — close to Apple’s new spaceship campus — rents jumped 4.2 percent to $2,240 for a one-bedroom and $2,800 for a two-bedroom.

In San Mateo, rents were up 1.3 percent, which doesn’t sound like a lot until you see the cost of apartments: $3,410 monthly for a one-bedroom and $4,290 for a two-bedroom.

In the East Bay, rents rose 6.2 percent in Concord to $2,370 for a one-bedroom and $2,980 for a two bedroom; and 2.4 percent in Walnut Creek to $2,400 for a one-bedroom and $3,020 for a two-bedroom.

To read ApartmentList.com’s findings on rents in San Jose and Santa Clara County, go here. And to read about rents in San Francisco and San Mateo County, ¬†as well as Oakland and other parts of the East Bay, go here.

And here are a couple of charts with city-by-city rents:

 

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