Demand for apartments combined with a lack of new rental development and significant single-family home appreciation has equated to nation-leading rent growth in Oakland. Spanning November 2014 to November 2015, the median rent of a one-bedroom apartment grew by 19 percent in the city, the largest year-over-year rise of any large metro, according to findings from Zumper. This nearly 20 percent increase pushed the median rent of a one-bedroom apartment to $2,190 in November, making Oakland the fourth-most expensive market in which to rent such a unit. For perspective, the median rent of a one bedroom in San Jose currently stands at $2,130. San Francisco remains the most expensive rental market in the country, with a median one-bedroom rent of $3,500. When eyeing two-bedroom units the situation isn't much better in Oakland. According to Zumper, the median rent of such a unit reached $2,550 during November, which equated to a 13.3 percent year-over-year rise. What j...
- Oakland is a more expensive rental market than San Jose when it comes to one bedrooms.
- Rents for two-bedroom apartments in Oakland grew by double digits during a recent three-month span.
- Minimal new rental product will be delivered in Oakland next year.