Renters in one of the nation's most expensive housing markets will take all the good news they can get, especially as it continues to contend with a housing shortage.
In every major metropolitan area in the country, renting an apartment is more expensive than it was at the start of the COVID-19 pandemic.The San Francisco-Oakland-Berkeley metropolitan area — which comprises Alameda, Contra Costa, Marin, San Francisco and San Mateo counties — is the only one of 52 metro areas with at least 1 million people where rents have actually fallen since March 2020, according to Apartment List's national rent report.
Median rent in the aforementioned portion of the Bay Area was down 3% from the start of the pandemic through October, according to the Apartment List data. The overall median rent dropped nearly 11% in San Francisco itself, almost 14% in Oakland and a little more than 7% in Berkeley since the Bay Area instituted the first stay-at-home orders in the U.S. Oakland's decrease during that time is the largest among the country's 100 biggest cities.
While rent prices are dropping around the U.S., they're still dropping faster in the San Francisco metro area than the national average. Median rent fell 1.5% in October, and it was down 3.3% since August.
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