Bay Area rent trends are religiously sliced and diced by a host of analysts. Most see a general softening of the market, though others lately have noticed an uptick on a month-to-month basis.
So factor this into the discussion: a 2017 Mid-Year Rent Trends Report from Abodo, an apartment listings website, has rents tailing off slightly in San Francisco (down 1.2 percent) and San Jose (down 1.8 percent), while increasing a tad in Oakland (up 0.5 percent). For each market, Abodo has averaged the median rents for one-bedroom apartments across the first six months of 2017.
Don’t get too excited, though. According to Abodo, San Francisco remains the costliest market in the country with one-bedroom flats typically renting for $3,240. San Jose is the nation’s third most expensive market (the median rent is $2,378 for a one-bedroom), while Oakland ranks seventh ($2,025).
Here are the 10 most expensive markets in the U.S., as ranked by Abodo:
And here is another set of rankings. It takes the same Top 10 markets from the chart above, but shows you how much one-bedroom rents have gone up or down in each, when the first six months of the year are averaged. You’ll find those increases and decreases in the far-right column:
You can read Abodo’s full report here.
As you can see by looking at the map at the top of this post, Massachusetts has the highest mid-year median of the 50 states: $1,896 for a one-bedroom. California comes next ($1,630), followed by Hawaii ($1,572) and New York ($1,571).
And what about the nation as a whole?
“Over the first half of 2017,” the report states, “the national median rent fluctuated, but it ended up exactly where it began: $1,016 for a one-bedroom. Prices fell from January to March, bottoming out at $1,003 before creeping back up in the spring. In all, the national median rent always stayed within 1.3% of its starting value.”
The down-then-up trend seems to apply, then, to the Bay Area, as well.
And in which markets have rents risen most rapidly?
New Orleans (where the median for a one-bedroom is $1,167) is up 6.3 percent, the most dramatic increase in the nation. It’s followed by Glendale, AZ ($764), up 4.7 percent; Houston, Texas ($1,053), up 3.8 percent; Seattle, WA ($1,580), up 3.6 percent; and Reno, NV ($724), up 3.6 percent.
Tags: affordable housing, affordable rents, average rent, Bay area apartments, Bay Area housing, Bay area rents, median prices