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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