After years of skyrocketing rents in the Bay Area, the region actually saw a slight decrease in the average rent payment in March, according to real estate market and research firm Zillow.
In the San Jose metro area, rents had been rising at a rate of 8.6 percent a year ago. In March, they were falling 1.1 percent on a year-over-year basis, Zillow said. In the San Francisco metro area, rents were rising at a nearly 10 percent rate annually at this time last year and are now falling at a rate of 0.1 percent, the firm said.
The slowdown began last spring and continued steadily through the beginning of this year, with rents first flattening out and then finally falling slightly on a year-over-year basis, Zillow said.
Rents have flattened across the country as supply has begun to catch up with demand. Nationally, rents are rising at their slowest pace in five years, up just 0.7 percent since last March, Zillow said. The median rent payment in the U.S. is now $1,408.
In contrast, the median rent payment is $3,451 in San Jose and $3,352 in San Francisco, the firm said.
Here are other highlights for the San Jose metro area:
- The median home value is $986,000, up 3.4 percent over the past year.
- There are 8 percent fewer homes to choose from than a year ago.