SAN JOSE, Calif. (KRON) – It’s no secret that rent prices were dropping quickly during the pandemic – especially in major Bay Area cities.
But according to a recent analysis, there are signs the pandemic-weary rental market is edging up just a bit.
After months of decline mostly as a result of the pandemic, the Bay Area rental market appears to be stabilizing, although there is still a lot of uncertainty as the economy reopens.
Even as home prices are red hot, the median rent for a one-bedroom apartment has dropped as much as a quarter in many Bay Area cities, but rents have begun to edge up just a bit.
According to a recent analysis by the national rental website Zumper, a list of Bay Area cities with the most expensive rent for a one-bedroom apartment is topped by San Francisco at $2,600, followed by Palo Alto, Menlo Park, Mountain View and Emeryville at $2,200.
Zumper says cities with the least expensive rent include Concord, where a one bedroom apartment rents for $1,720 dollars followed closely by Richmond, San Leandro, Hayward and Campbell at $1,910 dollars.
There are signs the supply of apartments may be edging up a bit as well but that may be tied to the lack of homes for sale and affordable housing in general.
San Jose is somewhere in the middle with a one bedroom apartment renting for about $2,050 dollars.
Looking back, the largest decline in rent prices include Redwood City, with a year-over-year decline of 3%, followed by Santa Clara, Sunnyvale, Menlo Park and San Francisco.
San Jose saw rents fall about 17% over the past year.
It’s not clear to what extent the stabilization of rents is a result of the general health of the economy, but it looks like the decline in rents has ended, at least for now.
The numbers however don’t necessarily reflect the issues facing renters who have been unable to pay their rent due to COVID-19, or landlords struggling to make their own ends meet.