Photo: Ed Bierman/Flickr
If only all good things could last forever. After falling for four straight months, median one-bedroom rent in San Francisco increased in December.
According to Zumper’s latest National Rent Report, median one-bedroom rent in the city rose 0.6 percent month-over-month to reach $3,350, while median two-bedroom rent increased 0.2 percent from the previous month to hit $4,510. San Francisco remains the most expensive US rental market by a long shot.
Other pricey Bay Area cities include San Jose, which had the fourth most expensive rental market in the country last month. Median one-bedroom rent was $2,170, down 1.4 percent month-over-month, while median two-bedroom rent was $2,600, a drop of 1.5 percent from November.
Oakland slipped one spot to become the fifth most expensive rental market in the US in December. Median one- and two-bedroom rent both fell about 5 percent month-over-month, coming in at $2,090 and $2,560, respectively.
Year-over-year, San Francisco, San Jose and Oakland all saw declines in median one-bedroom rent. While San Jose’s drop was small at 1.4 percent, San Francisco and Oakland saw dips of 4 percent and 5.4 percent, respectively. We’ll be watching to see if prices continue to fall in 2017.