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Bay Area Rents Sluggish, But Still Break Records

Apparently you can have it both ways

Another month is upon us, which means another slate of rental market reports telling us what the damage is for the last four weeks, starting with Zumper’s national rent report for June.

According to the site, rents were up 0.8 percent in San Francisco last month, just high enough not to be called marginal, but not quite high enough to be really conclusive.

The median rent for one bedroom in the city now floats somewhere around $3,590, up $90, or 2.6 percent, over the same time last year, a fairly small inflation compared to years past. It’s now $4,800 for two bedrooms, up 0.4 percent in May.

Oakland prices declined 0.4 percent across the board, but are still up a shocking 16.4 percent for single bedrooms since last year, the biggest spike of any city in America. (Only LA comes close, up 15.9 percent since last year.)

It’s now $2,270 for a single bedroom in Oakland. That’s a little less than 50 percent of the area median income for a single Oaklander, although the city has estimated median income to be much lower than that at various times this year.

For the first time, San Jose climbs the ladder to become the third most expensive rental market in the US, behind San Francisco and New York City, but in fact its rents have been flat all month, and this change is simply due to the decline of Boston.

As always, note that Zumper’s reports are based only on properties listed on Zumper (1,820 of them in San Francisco today). On ApartmentList's June report, two bedrooms in San Francisco average $4,730, down roughly $50 from last month, but pretty much in line with the Zumper numbers. However, that that site says rents are up only 0.3 percent for the year.

Trulia’s latest info provides drastically lower figures, suggesting $2,950 for one bedroom and $4,150 for two, both down significantly since last year. Zillow offers a figures of $4,428 citywide (up 7.6 percent from last year), but doesn’t break the info down to room number or housing type.