Average apartment rents have risen across San Francisco and the entire region during the first half of 2019, with only one Bay Area city reporting a decrease.
The highest rental increases can be seen in Foster City, where average rent went up by 7.6 percent ($250) followed by Livermore with a 7.2 percent increase ($150) in the first six months of 2019, according to a recently released mid-year report by RENTCafé.com.
Of the 40 large Bay Area cities analyzed, Alameda ($2,513) — which had a 3.3 percent drop, or $85 on average — was the only Bay Area location where rents have decreased compared to the beginning of the year. Month-over-month decreases were also reported in Richmond, Rohnert Park, Campbell and Vallejo.
In San Jose, renters signing a lease this summer would pay $59 more on average ($2,789) than in January.
The fastest-growing rents year over year were recorded in Menlo Park, where apartment prices have gone up 10.6 percent since June 2018. Menlo Park apartments were also the most expensive for renters, with an average rent of $4,368, followed by apartments in Palo Alto, where the average monthly rent is $3,857.
Other cities experienced more measured increases like Rohnert Park ($1,963) and Hayward ($2,147), which saw a modest rent growth of $20 and $3 respectively in the last six months.
The cheapest Bay Area city to rent an apartment analyzed in the report is Vallejo, with an average apartment rent of $1,773.
The RENTCafé.com report is based on data directly from large-scale, market-rate multifamily properties (50 units or more) via a telephone survey compiled by Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources.