from apartment rental platform Zumper.\u00a0<\/span><\/p>\nOne-bedroom rent dropped 1.4 percent from April to May and 3.6 percent over the same period a year ago to a median price of $2,170. Two-bedroom apartment rent experienced a more modest decline, falling 0.7 percent month-over-month and 1.7 percent year-over-year to $2,980.<\/p>\n
Four other California cities were named among the country\u2019s 10 most expensive rental markets. San Francisco, which nabbed the top spot, recorded its sharpest-ever decline with one-bedroom rents plunging 9.2 percent year-over-year to $3,360 \u2014 a price level not seen since 2017.<\/p>\n
In nearby Oakland, rents for one- and two-bedroom apartments inched up 0.4 percent compared to one month ago to $2,350 and $2,850, respectively. San Jose, located in the heart of Silicon Valley, saw one-bedroom rent dip 1.6 percent in May to $2,420, while the median price of a two-bedroom tumbled 3.0 percent to $2,950.<\/p>\n
One-bedroom rent in San Diego decreased 0.6 percent month-over-month, although it has risen 3.5 percent since the same time last year. Two-bedrooms saw more pronounced declines, falling 2.1 percent between April and May and 1.3 percent over 2019 levels.<\/p>\n
\u201cAs more and more companies move into remote work, many renters don\u2019t want to pay the big city price tag when they are unable to use the amenities and are looking for more affordable options outside of large, metropolitan areas,\u201d wrote the report\u2019s author, Crystal Chen.<\/p>\n
This, combined with a record-shattering unemployment rate of 15.5 percent in April, could slow the demand in California\u2019s urban rental markets even further, causing landlords to cut their prices or offer incentives to attract new tenants.<\/p>\n
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