Sweet relief has come to the checkbooks of folks looking for a place to live in the Bay Area.

That's according to a new report published by the apartment listings website ABODO. Between June and July, rent prices fell five percent in San Francisco, eight percent in San Jose, and 11 percent in Oakland, SF Weekly reported.

Even better news for San Franciscans is that the downward trend could continue over the coming months, ABODO reported.

A staple economic principle can explain why the rents are dropping, according to ABODO.

"The supply is finally catching up with the demand, causing a decline in price," Sam Radbil, an ABODO spokesman, told SF Weekly.

Only time will tell if the trend continues to favor renters down the road, SF Weekly reported.

"The development and construction of new rentals will ultimately bring more units to market for local renters and limit the demand for individual units, while minimizing leverage that landlords currently hold," Radbil told SF Weekly.