Renters living in some of California's biggest cities can finally catch their breath as rent prices fall in places like Oakland, San Jose, San Diego and San Francisco—some of the most expensive metropolitan areas in the country.According to a May 28 report from digital marketplace Zumper, which analyzed more than one million active property listings across 100 cities, seven out of 11 California cities observed reported rent declines between 2023 and 2024.
At the national level, rent prices are increasing. In May, according to Zumper, the national rent index saw the median prices of one- and two-bedroom apartments rise by 1.2 percent to $1,504 and $1,865, respectively.Zumper experts said the decline in rent prices in the seven Californian cities has been led by a drop in demand.'It seems that it is less of a supply factor that is driving rents down in California right now, which is what's happening in many other U.S.