Oakland Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Oakland, CA. Currently, the overall median rent in the city stands at $1,966, roughly the same as last month. Prices are now down 10.3% 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 flat month-over-month and down 10.3% year-over-year

The median rent in Oakland fell by 0.4% over the course of April, and has now decreased by a total of 10.3% 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

Four months into the year, rents in Oakland have fallen 1.7%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had decreased 0.5%.

April rent growth in Oakland ranked #96 among large U.S. cities

Oakland rents went down 0.4% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #96. Similar monthly rent growth took place in St. Petersburg, FL (-0.4%) and Irvine, CA (-0.5%).

Oakland is the #17 most expensive large city in the U.S., with a median rent of $1,966

Citywide, the median rent currently stands at $1,799 for a 1-bedroom apartment and $2,159 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,966. That ranks #17 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Oakland is 40.8% higher than the national, and is similar to the prices you would find in Seattle, WA ($2,031) and Yonkers, NY ($1,939).

Oakland rents are 22.4% 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 ($1,966) is 22.4% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.9%, 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 $3,178. Berkeley is the metro’s most affordable city, with a median rent of $1,941. The metro's fastest annual rent growth is occurring in Concord (3.2%) while the slowest is in Oakland (-10.3%).

You can also use the map below to explore the latest rent trends in the San Francisco metropolitan area.