Since last summer, Oakland’s been getting a lot of press for its rapid, rather unsettling housing price appreciation, particularly that of its rental market. According to Zumper’s National Rent Report for April, 2016, that appreciation has continued.
Oakland is up 1.3 percent for one beds and 0.7 percent for two beds month-over-month. “Prices are now $2,280 and $2,720, respectively. Both of these yearly percentages represent the highest of any city in the US for each respective bedroom type,” says Zumper.
Pricing out the average resident?
When Oakland ascended to the 4th most expensive city for renters in December of last year, the East Bay Express lamented the reality that incomes were not inflating to match: “Oakland is slipping out of the hands of most of its residents. If the average Oakland renter had to move tomorrow into a market-rate rental apartment, they would need to pay a staggering 70 percent of their income on rent.” The recommended percentage for financial stability, incidentally, is 30 percent or less.”
Oakland is still 4th in the nation, but the striking news: it’s now neck and neck with the city that’s been third most expensive for so long: Boston. “Boston has maintained strong hold of third place on our list for years, but is now only $30 more for a one bedroom median than fourth place Oakland,” said Zumper’s Devin O’Brien.
SF stays steady
Perhaps already at its ceiling, San Francisco, CA remained steady this month with a median of $3,590 for one bedroom apartments. Two bed units were also overall stable, down only a slight 0.4 percent to $4,850. Prices for both types have increased a moderate 5-6 percent year-over-year.