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San Francisco sees dip in rent prices in October: study

SAN FRANCISCO, CALIFORNIA - JUNE 02: A "for rent" sign posted on the exterior of an apartment building on June 02, 2021 in San Francisco, California. After San Francisco rental prices plummeted during the pandemic shutdown, prices have surged back to pre-pandemic levels. (Photo by Justin Sullivan/Getty Images)

SAN FRANCISCO (KRON) — Rent prices in San Francisco dropped in October for the second-straight month, according to a study conducted by Apartment List. The study showed a 0.7% decrease in October for rent in the city.

Even with October’s dip, rent prices are higher in the city than they were in October 2021. According to Apartment List, there has been a 1.3 percent hike over the last year. Rent prices rose steadily from January 2022 to August.

San Francisco rent prices

According to Apartment List, an average one-bedroom apartment in San Francisco costs $2,339 per month. For two-bedroom units, that number vaults to $2,644.

While rent prices have been increasing in the City by the Bay, they have grown at a slower rate than statewide and nationwide rent prices. Rent growth in California is at 5.3% over the last year and 5.7% across the United States in the same timeframe.

Graph from Apartment List.

Elsewhere in the Bay Area

Of the 10 Bay Area cities included in Apartment List’s study (San Mateo, Redwood City, Pleasanton, San Francisco, Fremont, Alameda, Hayward, San Leandro, Concord, Oakland), nine of them have seen rent prices increase over the past year. Fremont has seen the steepest increase, with prices in that city rising by 7.7%.

The most expensive place to rent an apartment of those 10 cities is San Mateo, which has an average price of $2,950 for a two-bedroom apartment. Even so, rent prices in San Mateo fell 3.1% in the last month.

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Oakland was the cheapest city measured, with renters needing just $1,800 for the average two-bedroom. Oakland was also the only city to see rent prices drop over the past year — they dropped by 3.1%.

Image from Apartment List.

Methodology

Apartment List described how it makes its rent estimates. “We start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data,” its website said. For more, click HERE.