Oakland is Officially More Expensive for Renters Than San Francisco

Print Friendly

San Francisco’s two-bedroom rents are trending down significantly.

San Francisco’s infamous expensive rents are not a secret. Over the last few years, as the tech industry thrived in the Bay Area, demand drove the prices up. But now it’s a different story with the pandemic. In the past 18 months, San Francisco residents have moved to more affordable areas thanks to new work remote policies.

The trends are now showing the consequences of this small exodus — San Francisco’s two-bedroom rents are officially less than in Oakland.

Oakland vs. San Francisco average rent trends

For the first time in a long time, Oakland surpasses San Francisco in more expensive rents. San Francisco has seen an almost 12 percent decrease in two-bedroom rents since March 2020 compared to July of this year.

You can currently find a two-bedroom in San Francisco for $4,759 per month on average. In Oakland, the average rent is $160 more.

Oakland average rent trends during the pandemic

In March 2020, at the beginning of the pandemic, Oakland trailed behind San Francisco with nearly a $900 difference in average rent for two bedrooms. Between May 2020 and April 2021, Oakland experienced significant rent drops. In January 2021, it was at its lowest — a 27 percent drop since March 2020.

Since then, it’s started to climb again. Between January and July, two-bedrooms rents have gone from $3,400 to nearly $5,000 per month on average. Overall, an 8 percent increase since the start of the pandemic — that’s $400 more on average.

The third-largest city in the Bay Area, Oakland has attracted residents over the past year that are looking for more space to work from home and, at the time, more affordable rents. However, with newcomers from San Francisco, many residents worry they will get pushed out by increasing rents.