By Matt AgoristThe average price of an apartment in Oakland has risen from $3,500 in 2015 to $3.7 million in 2017, according to real estate data provider RealtyTrac.
The city also saw a 2.6% increase in new listings in 2017.
The median price of a home in Oakland is $8,500, and the average price per square foot in Oakland increased 5.4% in 2017 to $1,848.
The median price per bedroom increased by 8.7% to $2,547.
The average rent in Oakland decreased 1.6%, from $2.3 to $5.1 per night.
The number of units with monthly rent increases rose by 15.2% from 2015 to 2017, but the percentage of units in rent stabilized was only 5.7%.
Rent prices were highest in the city’s south, where median rents increased from $1.2 million in 2015, to $4.9 million in 2016.
The average monthly rent was $1 of $4,000 in 2016, according the Rent Report.
The city also had the highest vacancy rate, which means that a rental unit in the City of Oakland has fewer than five months left to rent.
The vacancy rate in Oakland was 10.1% in 2018.
