“Everything is priced through the roof,” says one recent apartment hunter.
A pedestrian walks past the MacArthur Commons apartment building on Monday, Nov. 27, 2023, in Oakland, Calif. More apartments are offering concessions to compete for renters’ attention.
But there is an exception: In the East Bay, median rent is on the decline, driven in large part by faltering prices in Oakland. Median rent in Contra Costa and Alameda counties ticked down by 1%, to $2,393 monthly, marking the fourth consecutive quarter of year-over-year declines. “Suddenly, as a renter, you can afford a nicer apartment because of the discounts and concessions,” Hughes said.
The buildings opening now were planned before the pandemic, when the East Bay’s population — and rents — were on the rise andWhile Oakland, like the rest of the Bay Area, faces an overall housing shortage — especially for affordable units — it can still take time for those buildings to fill up with renters.
To make matters more complicated, Lee was laid off from a job in tech last year, which limited the pair’s budget. The two hoped to spend just $2,250 per month. By comparison, the average monthly rent for a San Jose one-bedroom is $2,507.
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