The Bay Area continues to have one of the most expensive rental markets in the country, and they don’t appear to be dropping anytime soon. According to NBC Bay Area, San Francisco continues to dominate with not only the most expensive one-bedroom rents in the Bay Area, but also the country.
While San Francisco rental prices have continued to increase over the past several years, now several other Bay Area cities are seeing the same trend thanks to inflated housing prices and an ever-growing population. Curbed SF states that Oakland, for example, saw a 51.1% increase in rent from 2012 to 2017! The median rent has gone from $1,952/month to a whopping $2,500/month now. No surprise, but the South Bay, East Bay, and Sacramento are all experiencing the same surge.
As the rent crisis continues to have a serious effect on low and middle-class households, the question remains will it ever decrease? It is hard to tell right now, but there have been some improvements as of late. For instance, Zumper reported in November 2017 that San Francisco rent prices for that month fell .9% for a one bedroom and 2.7% for a two bedroom. That same report showed that Oakland and San Jose saw 5.1% increases, so it is clear it is still trending upward. The Bay Area and all of California for that matter need more housing to accommodate the growing populations. How or when that will happen remains the biggest questions mark, but change is needed soon.
And with a lack of housing, especially due to the recent fires throughout the state, it doesn’t appear to be getting better anytime soon.