San Francisco/Oakland Rent Spread Exceeds $800 Monthly
OAKLAND, CA—Supply growth has nearly quintupled as builders target the urban core. Capitalizing on the rent spread that can easily exceed $800 per month between San Francisco and Oakland, developers are targeting numerous deliveries inside the urban core of Oakland this year, according to Marcus & Millichap’s latest report.
Indeed, during the last decade, the biggest difference for Oakland is institutional ownership gaining interest in that new construction within the city, Stephen Jackson, first vice president with Marcus & Millichap, tells GlobeSt.com. He says this institutional ownership is changing the dynamics of the Oakland market, which was previously made up of private owners.