Perhaps the allure of $4 toast does get stale after awhile. Last month, we reported on San Francisco’s year-over-year rental price drop of nine percent, but Zumper’s numbers for May indicate the market has continued to plateau — although prices for one and two-bedroom median rents rose ever so slightly at 1.5 percent and 1.6 percent, respectively.
Oakland dropped out of the top five most expensive rental markets in the nation for one-bedroom units for the first time since January of last year. Passed up by Los Angeles, it now shares spots six and seven with Washington DC at $2,060. Now only San Francisco and San Jose remain in the top five, at $3,370 and $2,260.
Since Oakland monopolized the top five for so long, it would be wise to examine how two-bedroom rent is faring in comparison. On a month-over-month basis, prices have decreased by two percent to $2,500. Year-over-year statistics reveal a whopping 15 percent drop — the most dramatic decrease among the 25 most expensive US cities for renters.
You would be hard-pressed to find “cheap” rent in California, but the closest city in the top 100 would be Bakersfield, coming in at #71. Located in the southern tip of the Central Valley, it’s a hub for agriculture and oil production. According to Zumper, its median rent for a one-bedroom is a mere $720. And for a two-bedroom? $850. Be still our beating hearts.
Despite reports of dropping prices, San Francisco is still vastly more expensive than the rest of the country. When you compare median rents on a national level, San Francisco dominates by 242 percent. Here’s hoping the plateau and price drop continues.