Steep Declines Drop Rents in San Francisco to Within $300 of Oakland Prices

San Francisco effective asking rents for new-resident leases are down to $2,927 as of September, dipping below $3,000 for the first time in five years. With that pricing slide, the monthly rent difference between San Francisco and neighboring Oakland is down to $266. Given East Bay apartment demand over the past decade was fueled in part by households getting priced out of the San Francisco market, is that pattern of movement about to be reversed now that San Francisco pricing is within reach for additional households? Similar shifts could emerge for other spots across the country, too. Look for possible demand changes in Manhattan versus Brooklyn and Washington, DC versus Baltimore as well.