Photo: Dee Speed/Flickr
Another month, another surprising Zumper report detailing the shifting tides of the American rental market. In their latest, Oakland drops from the top five and is now the seventh most expensive city to rent a one-bedroom apartment, on average. San Francisco, unfortunately, is still number one, with San Jose trailing close behind in third.
The two Bay Area cities in the top five have hit a plateau. Month-over-month changes in San Francisco were slight, with only a 0.9 percent decrease for one-bedrooms at $3,390, and a 1.3 percent increase for two-bedrooms at $4,560. In San Jose, month-over-month rental prices for a one-bedroom decreased 1.3 percent to $2,350 and 1.4 percent for a two-bedroom to $2,780. However, one-bedroom rent in San Jose is up a whopping 9.8 percent on a year-over-year basis, and in San Francisco those figures are down 5 percent.
How did Oakland slip out of the top five after holding steady for more than a year? As usual, it’s likely a combination of factors — some obvious and some minute. First off, even Uber is scaling back its Oakland footprint by planning to sell its 300,000 square foot headquarters in downtown Oakland, citing a need to refocus on workplace culture. And according to the San Francisco Business Times, 2,000 apartments are currently under construction in Oakland, and rental prices are expected to average $3,000 per month.
As a parting gift for those residing in the Bay Area who like to daydream about escaping elsewhere (because who can afford a front yard with these prices, anyway?), median rent for a one-bedroom in Fort Wayne, Indiana is $480 and actually dropped 2 percent year-over-year. A quick perusal of Craigslist reveals that you could even rent this three-bedroom house — yes, a house — for $875/month. Ah, Fort Wayne, Indiana.