Report: Bay Area rents rising fastest in Mountain View, Petaluma and Walnut Creek

A new analysis of Bay Area rents shows the cost of newly advertised apartments rising most rapidly in Mountain View, Petaluma and Walnut Creek and dropping most dramatically in Oakland, Berkeley and South San Francisco.

In its SF Bay Area Metro Report for October, the Zumper apartment rental website says rents rose by 15.6 percent year-over-year in Mountain View, home to Google and other high-paying tech companies. The median rent for a one-bedroom apartment now stands at $3,110 in Mountain View, according to Zumper.

Rents for newly available units rose year-over-year by 14.7 percent to $2,180 for a one-bedroom in Petaluma, while rents climbed 12.2 percent to $2,390 for a one-bedroom in Walnut Creek.

In the East Bay, rents dipped 12.7 percent year-over-year in Oakland, where the median rent for a one-bedroom is now $1,930, according to Zumper. The report shows rents dropping 12.3 percent next door in Berkeley (where a one-bedroom goes for $2,500) and 8.8 percent on the other side of the bay in South San Francisco ($2,070 for a one-bedroom).

Some other highlights of the report:

— Statewide, the median rent for a one-bedroom unit is $1,699, compared with the Bay Area-wide median of $2,195.

— San Francisco has the highest rents among the 30 cities surveyed; a one-bedroom flat goes for $3,480, up 1.8 percent in the last year.

— In Sunnyvale, close to Apple’s new “spaceship” campus, rents rose 7.3 percent year-over-year; a one-bedroom goes for $2,640.

— San Jose rents rose 9.1 percent year-over-year to $2,390 for a one-bedroom.

And here are the three most affordable cities for renters, according to the report: Vallejo, where rents fell 1.5 percent to $1,300 for a one-bedroom; Santa Rosa, where rents dropped 3.8 percent to $1,520; and Napa, where rents were down 0.6 percent to $1,570.

This chart gives you month-over-month and year-over-year changes in rent for 30 Bay Area cities, as measured by Zumper:

Photo: A street sign hangs outside an apartment building on Mission Street in San Francisco, which has the highest rents in the Bay Area, according to a new report. (Eric Risberg/AP)


Tags: , , , , , , ,


Share this Post