Rent prices in Oakland have fallen by 7.2% over the last year.
A bunch of new housing is hitting the market in Oakland, even as the city has seen its population decline.
Over the last few years, Oakland had the fifth-highest rate of housing construction and the seventh-largest drop in population among California's 73 largest cities.
AdvertisementAdvertisementThe decline in rents is a turnaround for the city, which has faced a serious housing affordability crisis in recent years as new residents flooded the city and housing construction didn't keep pace.
Over the next decade, Oakland is planning to increase its housing stock by 25%, building another 36,000 units of housing.
Persons:
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Organizations:
Service, Oakland
Locations:
Oakland, California, Oakland , California, Bay Area, Brooklyn, San Francisco