Every month we analyze the U.S. rental trends in our National Rent Report. This month we’re taking our analysis a step further by comparing rent in Brooklyn and Oakland.
6 Month Rent Trent: Brooklyn vs. Oakland 1 Bedroom Median Rent
Median rent for a one bedroom apartment in Brooklyn increased 3.2% from $2,398 in November to $2,477 in April, while Oakland rent increased 8% to $2,000 over the same six months.
Further examining Oakland’s rent increase, we see one bedroom median rent in the city changed the most from December to January. Rent decreased 11.1% to $1,800.
The difference between rent in Oakland and Brooklyn ranged from a 15.5% to 23.3% difference since November, with an outlier of 31.8% in December.
April Rent Trend: Brooklyn and Oakland Median Rent
One bedroom median rent increased 4.3% to $2,577 in Brooklyn and decreased 0.1% to $1,998 in Oakland from March to April. Two bedroom median rent increased 1.8% to $2,986 in Brooklyn from March to April, while the comparable rent in Oakland increased 7.8%.
April two bedroom median rent in Brooklyn is 13.7% more expensive than rent for a one bedroom apartment. Oakland two bedroom apartments are 19.9% more expensive than April rent for a one bedroom apartment.
Rent Trend: Brooklyn 1 Bedroom Median Rent by Neighborhood
Brooklyn rental prices remain high as increased population demand and real estate development continue to bolster prices. Similarly, Oakland rents are increasing as San Franciscans are moving to the East Bay in search of cheaper rent. Brooklyn April one bedroom median rent is 22.5% more expensive than rent in Oakland. Oakland rent prices are expected to further mirror Brooklyn’s rent prices as gentrification continues to occur.
Taking a closer look at Brooklyn by neighborhood level, we see that the most expensive neighborhood, Dumbo, is 65.1% more expensive than the cheapest neighborhood, East New York at $1,300.
When we compare these neighborhood rental prices to the median rent in Brooklyn and Oakland, we see that Dumbo is 30.7% more expensive than Brooklyn’s one bedroom median rent, and 46.3% more expensive than Oakland’s median one bedroom rent. East New York is 49.6% less than Brooklyn median one bedroom rent at $2,577, and 34.9% less than Oakland median rent at $1,998.
Top photo courtesy of Flickr user Yves Souris.
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