SAN FRANCISCO (KRON) — The cost of living in the Bay Area is one of the highest across the country.
But a new report out shows those prices are dropping. At least three local cities made the top 10 list because of how much rent has dropped.
San Francisco actually made the list, as well as Oakland and San Jose.
The Bay Area is known for many things, including its beauty, the skyline, the parks, and the different neighborhoods. Another thing it is known for, however, is the high cost of living.
Rent prices are known to be high in the Bay Area. A lot of families have left San Francisco because of the out of control prices.
A new report by ABODO shows rent has decreased in the last month. Oakland had the highest percentage of the three cities that made the list, coming in at 11 percent.
The average rent in June was about $3,813 in Oakland. In July, it dropped to $3,400.
In San Jose, rent went down 8 percent in the last month. And in San Francisco, it decreased from just over $3,900 to $3,700.
“So, let’s say the average market rent for an apartment out here is $3,000 a month, it’s only coming down $150 a month,” SF Housing Rights Committee spokesman Joseph Smooke said. “That’s not gonna make it affordable. It needs to come down a good 40-50 percent for someone to be able to say, ‘Ok, I can say I work a good job in San Francisco. And now, I can go on my own in today’s rental market’.”
But in the last year, some people have seen drastic increases in rent. Chris Lee’s landlord raised her rent more than 40 percent from $3,200 to $4,500 at the beginning of the year.
Although her apartment is close to work, the cost is starting to take a toll.
“I would love to stay, but I’m also thinking of moving out of the city,” Lee said.