The rental market for older apartments in Berkeley has softened considerably, with median rents dropping to $2,295 in 2024, down from $2,600 in 2022. This trend reflects a broader shift, as current rents align closely with rates from six years ago, particularly after factoring in inflation. The decreasing rent prices are attributed to the increase in housing development over the past decade, which housing advocates believe has mitigated the earlier rental crisis. The data suggests that recent city policies promoting new housing have positively impacted the affordability of rents for older units.
The trend marks a significant change in Berkeley's rental market, where the median rent for older apartments has decreased from $2,600 in 2022 to $2,295 in 2024.
Advocates of the Yes-In-My-Backyard movement argue that the increase in new housing developments over the past decade has directly contributed to the easing rent prices in Berkeley.
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