After a decade of building 8,000 apartments in Oakland, market rate 1-bedroom units are now affordable to low income people, as defined by HUD.
Today the SF Chronicle reported:
- Oakland has largest rent decline (-7.2%) among top 100 US cities.
- Median one-bedroom rent in Oakland stands at $1,430.
- Vacancy rate in Oakland rises to 9.4% in September 2023.
According to Oakland’s Housing and Community Development Department, low-income is an annual wage of $58,912, which according to most landlords is enough to accord rent of $1,472 a month.
ALT A “100% affordable housing” sign outside of a new construction apartment.