Report: Average Bay Area rents almost twice the national average
OAKLAND, Calif. - Bay Area rents continue to soar significantly higher than the national average, with Menlo Park leading the region, rivaling monthly apartment prices in Manhattan.
The Silicon Valley city saw its average rent hit $4,355 last month, according to apartment search website RENTCafé. Compared that with the average in Manhattan which was $4,245.
Overall, Bay Area rents continued a steady climb -- up 2% year-over-year to $2,799 in October. That's almost twice the national average of $1,476.
Figures also showed the fastest growing rents were in Pacifica, where in one month, from September to October, prices jumped 1.3% (or $39) to $3,009.
Behind Pacifica was Antioch. The East Bay city saw monthly rents go up by 1% (or $17) to an average of $1,806.
On the other side of the spectrum was Richmond, where prices dropped 2.3% (-$51) from September to October to $2,145. The report also found Richmond had the most significant year-over-year decline of 6.7%.
For the cheapest rents, the study pointed to Vallejo, where the average monthly for an apartment came in at $1,800.
In San Francisco, figures showed rents averaged $3,733, up 3.3% from a year ago.
Oakland led the regional growth with a 7.7% year-over-year increase to $2,916.
Apartment prices in San Jose averaged $2,729 and were slightly lower both month-over-month and compared to last year. It fell 0.6% and 0.2% respectively.
For a detailed look at the 44 Bay Area cities reviewed in RENTCafé's report, click here.