The California apartment market is on a bumpy road to recovery. Currently, most of the major metros in the state are seeing significant decreases in apartment rents. The May report from Apartment Guide has found that San Francisco, Oakland, Los Angeles and San Jose all rank among the top US cities with the biggest fall in one-bedroom rental rates. San Francisco and Los Angeles lead the nation for rent decreases.

One-bedroom apartment rents in San Francisco and Los Angeles are down 18.9% and 18.4%, respectively, the most in the nation. San Jose ranks fifth in the country with one-bedroom rents down 15.3%, and Oakland is eighth with rents down 14.2%.

Affordability seems to play a key role. All of the California cities with falling apartment rents also double as some of the most expensive markets in the country. "While prices in California are decreasing, it is still one of the most expensive areas in the country for renters," Brian Carberry of Apartment Guide, tells GlobeSt.com. "I think the demand in California for renters has decreased in these areas as people are realizing that more affordable options can be found outside of the major cities or even in neighboring states."