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August Survey Shows Rents Declining Year-Over-Year

alameda rental market

Data from Zumper shows rents in Alameda dropping in August.

August survey data from Zumper, on online apartment rental platform, shows rents in Alameda have dropped compared to last year.

Zumper’s September rental market report, based on August survey data, indicates that the median rent for two-bedroom units in Alameda saw a year-over-year decline of 11 percent, to $2,590 per month.

One-bedroom units were up slightly, month-over-month, to $1,990, but down 7.4 percent year-over-year.

Doug Smith, the president of Fuller Enterprises which owns 63 rental units in Alameda, told Action Alameda News, “the rental market peaked in December 2015 and rents have been flat or down at most properties since then. Tenants feel the market is still rising because most were $200 to $300 under market rent so they saw rents still increasing in 2016 and 2107. Now, most have caught up to market rent, increases will stop or be below CPI, giving tenants some relief. In Alameda, rents fell about 10 percent over last year, mostly because many owners saw rent restrictions coming and raised rents in anticipation.

“Many owners have done major renovations to their properties since this cycle started in 2011. Alameda has a much better housing stock than it did from 2001 to 2011. Rents fell by 30 percent in 2001 and didn’t get back to that level for a decade, tenants benefited greatly for over 10 years and many received rent reductions of 20 percent or more and didn’t see their rent raises for many years in a row, despite CPI rising 4 percent to 5 percent per year during that time.”

In September, Alameda City Council rescinded a just cause evictions protection provision, after a successful landlord petition drive to put it on the ballot for voter consideration.

1 comment to August Survey Shows Rents Declining Year-Over-Year

  • Jennifer

    Not surprising….landlords got greedy and probably had trouble finding people to pay so much. Hopefully things will calm down and keep Alameda from being taken over by techbros.