Another month, another opportunity for Bay Area cities to snag top spots on Zumper’s list of most expensive one-bedroom rental markets. In October, San Francisco, San Jose and Oakland all made it into the top five, with San Francisco coming in first with median one-bedroom rent of $3,380.
While that’s incredibly high, median one-bedroom rent in the city has actually fallen for the last four months, and is down 7.9 percent year-over-year. Zumper says it’s normal for the market to “cool off with the weather,” but there may be more to it than that — back in February we wrote about how the Bay Area’s tech boom might be losing steam, and since then more and more tech companies in the region have laid off employees or migrated to Seattle.
The story was different in San Jose and Oakland. San Jose saw its median one-bedroom rent rise 0.9 percent from September to October, coming in at $2,210. Meanwhile, median rent for a one bedroom in Oakland jumped 4.2 percent month-over-month to come in at $2,270. And unlike San Francisco, San Jose and Oakland have both seen year-over-year increases in median one-bedroom rent — San Jose’s has risen 1.4 percent and Oakland’s has risen 1.9 percent.
It seems that though San Francisco has lost some steam, the allure of other Bay Area cities is growing.