Last year, roughly 800 new rental units popped up in and around Oakland. And by the end of 2013, another 2,100 new units will have been constructed in the East Bay.
Despite increasing demand, the new construction is expected to help slow the nearly 7 percent increase in rents last year, with Marcus & Millichap expecting East Bay rents to end the year up a little over 3 percent in 2013.
Rents for apartments in large buildings in Oakland proper are up closer to 11 percent since the second quarter of 2012 and now average just over $2,000 a month.

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Comments from “Plugged-In” Readers

  1. Posted by Frank C.

    Curious, where are there currently 2000 units under construction in Oakland? I’m there every month or so, but haven’t seen that many cranes. Can’t be infill, can it?
    [Editor’s Note: The Marcus & Millichap "Oakland" report is for the greater metropolitan area including Contra Costa county, since clarified above.]

  2. Posted by sf

    Sacramento is next. Rents have risen considerable in Sac since last year. And RE is much more affordable if you are an amateur investor.

  3. Posted by amateur

    +1 for sf’s Sacramento comment, with caution. Huge wave of all-cash buying from institutions seems to be in the later innings as prices have all accelerated and the courthouse steps are insanely competitive. Prices really took off in early 2013. A lot of the easiest money has already been made.

  4. Posted by curmudgeon

    Yeah, sadly, Oakland proper has not really started yet. It’s always on a lag with the city, but it’s past time to see some construction starting.

  5. Posted by Willow

    Lots of opportunity for density in Oakland along some of the major thoroughfares like Grand, Broadway, Shattuck & Telegraph…

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