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ADMINISTRATIVE REVIEW DRAFT Home prices in new for -sale developments tend to be higher than resales. For example, the advertised sales price of a new 3-bedroom home in the new Cherrywood subdivision ranges from $370,000 for a small -lot home to $475,000 for a home on a more conventional lot. Similar small -lot homes in the Medallion development on Fremont Street sold for $350,000 to $500,000 during 2001. Despite the rapid increases in local housing costs, San Leandro is still more affordable than the Bay Area as a whole. The median home price in the region is approximately $400,000, more than 15 percent higher than San Leandro's median. Homes in San Leandro tend to be slightly more expensive than those in Hayward and Oakland, but are more affordable than those in many nearby communities, including Alameda, Castro Valley, and Fremont. The rental market in San Leandro also saw rapid inflation during the late 1990s. This inflation was not only a function of rising prices throughout the region but also the lack of supply, as there was very little apartment construction in San Leandro during the decade. The 1990 Census reported that the median monthly rent for all rental housing units in San Leandro was $608, about 5 percent higher than the Countywide median of $570. By 1995, the figure had risen to about $750. By December 2001, the median advertised rent was $1,250. Based on a review of 42 listings in the Hayward Daily Review, the median monthly rent for apartments was $1,095 and the median rent for a home or townhouse was $1,495. This represents about a 67 percent increase since the mid 1990s. The characteristics of rental listings in San Leandro as of December 2001 are shown in Table 3-9. In May 2002, the San Francisco Chronicle reported that median rents for apartments in the Oakland/East Bay area had declined by about 10 to 15 percent between 2001 and 2002. Table 3-9: Profile of Typical Rental Housing Listings in San Leandro, December 2001 Unit Type Advertised Monthly Rents Studio apartment $850 - $980 1-bedroom, 1 bath apartment $995 - $1,095 2-bedroom, 1 bath apartment $1,195- $1,400 2-bedroom, 2 bath "luxury" apartment $1,500 2-bedroom, 1 bath single family house 3-bedroom, 1.5 bath townhouse $1,350 3-bedroom, 2 bath single family house $1,800 Source: Hayward Daily Review, December 2UU! "Apartments for Rent" Review, December 2001 HOUSING ELEMENT 3-11 SAN LEANDRO GENERAL LPLAN "7O?�