A native of San Francisco, California, Paul Iantorno is a fourth-generation San Franciscan and real estate developer who works with Golden Properties. In this capacity, Paul Iantorno oversees a wide-ranging portfolio of construction and rental properties.
Since reaching 6.6 percent in July 2015, annual rent appreciation on a nationwide basis has decelerated, according to a recent study conducted by Zillow. And now, for the first time in six years, the rental price has stalled year-over-year, standing at $1,440. In fact, it has declined in some places. Portland, Oregon experienced the largest decline in median rent, as it was 1.8 percent lower in August 2018 ($1,834) than in August 2017. Even in pricey San Francisco, rents declined by 0.2 percent from the previous year to a median of $3,399. Declines were recorded in 19 of 35 large markets.
The trend was not reflected everywhere, however. Of those markets recording an increase in the median rent, Riverside, California, had the largest in the country, with a 3.7 percent year-over-year uptick, to $1,899.
