Oakland, CA Rental Market Trends
Oakland Rent Report: June 2024
Welcome to the Apartment List June 2024 Rent Report for Oakland, CA. Currently, the overall median rent in the city stands at $1,932, after falling 1.1% last month. Prices are now down 12.2% year-over-year. Read on to learn more about what’s been happening in the Oakland rental market and how it compares to trends throughout the broader San Francisco metro area and the nation as a whole.
Oakland rents are down 1.1% month-over-month and down 12.2% year-over-year
The median rent in Oakland fell by 1.1% over the course of May, and has now decreased by a total of 12.2% over the past 12 months. Oakland’s rent growth over the past year has has fallen behind both the state (-0.9%) and national averages (-0.8%).
Oakland rent growth in 2024 pacing below last year
Five months into the year, rents in Oakland have fallen 3.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had decreased 0.2%.
May rent growth in Oakland ranked #97 among large U.S. cities
Oakland rents went down 1.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #97. Similar monthly rent growth took place in St. Petersburg, FL (-0.7%) and Fort Wayne, IN (-1.2%).
Oakland is the #18 most expensive large city in the U.S., with a median rent of $1,932
Citywide, the median rent currently stands at $1,768 for a 1-bedroom apartment and $2,122 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,932. That ranks #18 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,233 for a 1-bedroom, $1,389 for a 2-bedroom, and $1,404 overall. The median rent in Oakland is 37.6% higher than the national, and is similar to the prices you would find in Miami, FL ($1,934) and Moreno Valley, CA ($1,903).
Oakland rents are 23.7% lower than the metro-wide median
If we expand our view to the wider San Francisco metro area, the median rent is $2,532 meaning that the median price in Oakland ($1,932) is 23.7% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.2%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 19 cities in the San Francisco metro area that are included in our database. Among them, San Mateo is currently the most expensive, with a median rent of $3,246. Oakland is the metro’s most affordable city, with a median rent of $1,932. The metro's fastest annual rent growth is occurring in Concord (3.7%) while the slowest is in Oakland (-12.2%).
You can also use the map below to explore the latest rent trends in the San Francisco metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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