SAN FRANCISCO (KRON) — A June Zumper report reveals that Bay Area landlords were all too eager to start raising rent prices as California reopened and workers walked back to offices.
In San Francisco, the median rent for a one bedroom increased by 5.3% year-over-year.
Rents started rising in early 2021 for San Jose; but between the South Bay city, Oakland and San Francisco, median one-bedroom rent rates are rising at a slower pace in San Jose at 2.9% year-over-year. Oakland median one-bedroom rates rose by 3.6% year-over-year.
The three Bay Area cities are among the eight most expensive in the U.S.
Here’s what the June 2021 median rent is for a one-bedroom, according to Zumper, compared to the start of the year:
- San Francisco: $2,790 (Jan. 2021: $2,660)
- San Jose: $2,160 (Jan. 2021: $2,090)
- Oakland: $2,000 (Jan. 2021: $1,950)
The report says the entire Bay Area saw the biggest drop in rent rate over the course of the pandemic, but Zumper expects the average rent to continue increasing this year.