Wow, for once Oakland can say it beat San Francisco at something. Oakland had one of the highest apartment rent spikes in the U.S. I have always thought Oakland had great potential for rental properties. We are finally starting to see some of the rewards for putting up with ineffective city council, excessive taxes and poor leadership.
From CNN – Rental prices have indeed increased over time and in fact skyrocketed in many cities across the United States.
Oakland, CA has a Year-over-year rise of 11.6% with a vacancy rate of 1.7% and a median monthly rent of $2,017.50.
This has been mostly due to the “spillover” effect from un-affordable rentals in San Francisco driven by the tech boom. However Oakland has also seen a resurgence in its art and dining scene. Young people who are priced out of San Francisco seem to land in Oakland more often than in other neighboring cities. As long as the economy remains robust in S.F. Oakland should continue to grow culturally and develop into the world class city it wants be. If we could just do something about the crime and violence we would be making great strides.
San Francisco has seen a year-over-year rise of 5.8%, vacancy rate of 1.7% and a median monthly rent of $2,647.25.
Rents are rising rapidly in San Francisco for a number of reasons. They have many high tech firms, social network companies and incredible restaurants. Basically if your young and have money, S.F. is the place to be. There is so much happening in virtually every genre. From sports to theater to music to dinning to museums. The creative and well to do will always choose to reside in one of the most dynamic open cities in the world. It’s no surprise to see San Francisco topping the charts of rental markets yet again.