There is finally some good news for San Francisco renters. It seems that after an eight-month holding pattern the rental prices have finally fallen.

According to apartment rental startup Zumper, rent in San Francisco for a one-bedroom apartment fell to $3,500, a 4.6% drop from the highest rental price of $3,670, this past October. On the flip side, our neighboring city Oakland saw an alarming 19% rise in rent for a one-bedroom at $2,190, making it the 5th most expensive city in America.

If you are one of the many who fled the city by the bay for Oakland in hopes of cheaper rent, you are not alone.

"East Bay migration is definitely a compelling argument – the fact that Oakland rents continue to outpace San Francisco in percentage terms shows there's a healthy appetite for property there. Once rents hit a certain percentage of income, people just will refuse to pay and look for alternate options, perhaps with a commute," said Devin O'Brien, head of strategic marketing at Zumper.

With Oakland's recent surge in rental prices they are now the highest city to rent in the East Bay, beating San Jose. San Francisco still remains the most expensive city to rent a one-bedroom apartment with New York and Boston following close behind.

When looking at two-bedroom apartments, Oakland -along with Miami - hold the title of eighth-most expensive city to rent, at $2,550. While San Francisco, after a decline of 3.4% in price, still takes the lead over New York for the number one place to rent a two-bedroom apartment at $4,830.

Although these slight decreases in rental prices comes as a pleasant surprise to most, there still won't be much of a relief felt among Bay Area renters. However, with San Francisco condo prices lowering as well the city just might be on the verge of a housing bubble, according to Zillow analysts.

So what has caused San Francisco to be the number one place to rent in America for the last few years? According to economists, job growth in the Bay Area has accounted for 40 percent of new employment in California, which in turn has caused an influx of transplants and fewer places to live.

With a lack of new housing and restrictive land use policies for construction, the Bay Area has created the recipe for one of the most expensive housing markets in the world. Leaving San Francisco and now Oakland looking for new ways to build affordable housing and enforce renter protection laws.