Bay Area Rents Jump During Summer In Bay Area

Source: mercurynews.com | Re-Post MNM Partners, LLC 7/12/2017 – 

Not too long ago, Bay Area renters began to feel some relief. In the latter part of 2016, analysts described softening rents and, indeed, a plateau appeared to have emerged early this year.

But here we go again.

The cost of renting an apartment moved up in June across the region, according to a new analysis from ApartmentList.com, a website that tracks the national rental market.
Nationwide, the median rent for a two-bedroom apartment was $1,150, up 2.9 percent from a year earlier.

Most Bay Area cities were about double that, or more.

Here are a few highlights from the report.

In San Jose, the median monthly cost of a one-bedroom flat was $2,050, while a two-bedroom went for $2,570. Month-over-month, that spelled a 1 percent increase, while the year-over-year increase was 2.2 percent.

In Oakland, a one-bedroom unit typically rented for $1,710 last month, a two-bedroom for $2,150. Month-over-month, the increase was 1.2 percent, while June rents were up 2.8 percent from the year before.

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