Apartment rents have fallen in nine of 16 large California cities, but Oakland leads with the fastest declining rents in the nation.
Rents in the East Bay city fell 8.8 percent in August from a year earlier, the largest decline in the U.S., the Orange County Register reported, citing figures from ApartmentList.
The rent tracker marked rising and falling rents in the nation’s 100 largest cities. While Oakland’s rents fell the furthest, they’re still relatively expensive.
Its landlords sought $1,793 for a one-bedroom unit, the 16th highest rent among the biggest cities; and asked $2,153 for a two-bedroom apartment, which ranked 17th.
Within the Golden State, renters had the advantage in eight other cities, including San Francisco, where rents fell 0.5 percent year-over year, but commanded the nation’s highest rents, asking $2,752 for a one-bedroom and $3,262 for a two-bedroom.
Across the Bay in Fremont, rents fell 0.9 percent, asking $2,297 for a one-bedroom and $2,783 for a two-bedroom apartment.
Overall apartment rents dropped 3.8 percent in San Diego; 3.6 percent in Chula Vista; 2.2 percent in Long Beach; 2 percent in Los Angeles; 1.1 percent in Riverside; and 0.9 percent in Santa Ana.
At the same time, rents rose or were flat in seven large California cities, including San Jose, where apartment rents ticked up 1.9 percent for the year. Landlords sought $2,503 for a one-bedroom unit, which ranked third in the U.S.; and $2,969 for a two-bedroom apartment, which ranked fourth.
Elsewhere in the Golden State, apartment rents rose 2.5 percent in Fresno; 1.5 percent in Moreno Valley; 1.3 percent in Anaheim; 1 percent in Sacramento; 0.5 percent in Santa Clarita; and remained the same in Irvine.
Bottom line, according to the Register: Bargain-minded renters can find relative deals in certain California cities, especially Oakland, while new apartment complexes have created competition among landlords to fill empty units.
A shaky economy with elevated unemployment is also easing demand for rentals — nudging some landlords to either cut rents, offer other incentives or modestly raise their prices.
— Dana Bartholomew
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