Bay Area Rent Report – September 2019

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  • The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.
  • Santa Rosa, CA renters saw the highest monthly rent increase in September, with the average rate reaching $1,973 per month. 
  • Menlo Park apartments are the most expensive, while apartments in Vallajo have the cheapest rents. 

The first monthly decline in over two years brings the U.S. average rent down to $1,471

As part of a seasonal respite, the national average rent decreased for the first time since February 2017, dipping by -0.1% ($1) from last month to $1,471. The decrease might seem insignificant, but coupled with the slowest year-over-year hike in the past 13 months, 3.2% ($45), it points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to Yardi Matrix.

Renting in Bay Area in September 2019

The average rent in Bay Area cities is higher than the national average rent. The fastest growing rents in September were in Santa Rosa, where rental apartment prices increased by 0.8% month over month, or $16. Oakland and Daly City apartments saw the second highest monthly increases, jumping by 0.5%, making them $15 and $12, respectively, more expensive than last month. In Emeryville, prices decreased by 2.0% ($64) compared to August.

Menlo Park apartments are the area’s most expensive for renters, with an average rent of $4,395, followed by apartments in Palo Alto, where the average monthly rent is $3,806. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Vallejo, with an average apartment rent of $1,769.

To compare the rental market in Bay Area with other cities in the U.S., you can also check our national September rent report.

Methodology

RentCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

Fair use and redistribution

We encourage you and freely grant you permission to reuse, host, or repost the images in this article. When doing so, we only ask that you kindly attribute the authors by linking to RentCafe.com or this page, so that your readers can learn more about this project, the research behind it and its methodology.

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Sanziana Bona is a content marketing writer for Yardi Corom, a cloud-based software solution designed for commercial tenants and corporate occupiers and Yardi Kube, an all-in-one coworking management platform. She covers many commercial real estate related topics including FASB/IFRS compliance, lease accounting, coworking and flexile spaces, and more. You can connect with Sanziana via email.

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