Rents in and around Vallejo are still the Bay Area's most affordable, but generally rising, according to the latest report by Zumper.
"Vallejo one-bed rents were up 4.6 percent last month and though two-bed prices were down a slight 1.9 percent (compared to October,) one-and two-bed rents were up 14.3 percent and 9.8 percent, respectively (compared to a year ago)," Zumper spokeswoman Crystal Chen said. "We at Zumper have just published our latest monthly Metro Report for the San Francisco Bay Area, which covers 30 cities in the metro area to highlight the most/least expensive cities and cities with the fastest growing rents."
The report again ranked Vallejo the 30th most expensive Bay Area city to rent in November, with the price of a one-bedroom unit reaching a median of $1,360, while two bedrooms hit $1,570.
The California one bedroom median rent was $1,751 last month, the report shows.
In Solano County in general and Vallejo in particular, demand for housing will likely only grow in the foreseeable future, Chen said.
"Though Vallejo remains the most affordable city in the metro report, notably, it is beating slow-moving season trends with one beds up 4.6 percent last month and some of the largest year-over-year increases of all the cities," she said. "The demand to live here has not stopped, in the past few months or since this time last year. People are attracted to moving to this city mainly based on affordability, especially when compared to the other cities in the Bay Area. Vallejo also offers a ferry, so techies can easily commute to work in San Francisco while paying a much cheaper price than they would if they lived in the San Francisco/Oakland area."
These facts could make Vallejo especially popular for investors, she said.
"For people thinking about purchasing rental properties here, as more and more people move to Vallejo and continue to develop it, the demand will only continue there, especially since the other Bay Area cities will not get drastically cheaper anytime soon," Chen said.
San Francisco rents in November, were again the area's most expensive, but dropping, falling $30 last month to $3,390. Mountain View ranked second, with one-bedrooms going for about $3,110 per month, and Emeryville ranked third, with rents there rising about $130 to $2,790.
Although Vallejo area rents grew $30 to $1,360 for a typical one-bedroom, it remained the most affordable metro area, followed by Santa Rosa with $1,540 and Napa, which rose a spot to third least expensive, at $1,560 per month for a one-bedroom unit.
Rents in the Vallejo area are the fifth fastest growing in the region, though -- posting a 14.3 percent rise compared to last year, the report shows.
Petaluma's rents were the fastest growing for the second consecutive month, climbing 15.9 percent, followed by Concord, where rents jumped 15.3 percent and Santa Clara, where they rose 14.4 percent.
Rents in the Vallejo area for a typical two-bedroom unit grew nearly 10 percent compared to a year ago, to $1,570, though that price is down just under 2 percent from October.
Only six metro areas' two-bedroom rents grew more steeply than Vallejo's, the most being Burlingame's 15.7 percent year-over-year rise.
The full report is available at https://www.zumper.com/blog/2017/12/san-francisco-bay-area-metro-report-december-2017/