Among large metros, Oakland nabbed the No. 1 position on the list of the country’s annual rent growth-leaders as of the third quarter, according to MPF Research.

Pricing for new leases in Oakland grew 7.9 percent during the past year.

While San Francisco ceded the top spot to Oakland, pricing power remained strong with rates up 6.6 percent annually. Rents climbed 5.9 percent in San Jose, according to MPF.

Other strong performers in rent growth included the Southern California trio of Orange County, San Diego and Los Angeles, which just missed MPF’s top-10 list.

“Improving performances in Southern California are one of the key regional storylines for the quarter,” said Greg Willett, vice president of MPF Research. “Annual rent growth in much of the area now is above the national norm, after these markets ranked as middle-of-the-pack performers a year ago and significant laggards two years ago.”

At the same time, occupancy in the nation’s 100 largest metros averaged 95.4 percent during the third quarter, MPF reported. Occupancy has been hovering around the essentially full mark of 95 percent for two years.

More apartments are coming on line — and fast, however. MPF Research shows about 70,000 units scheduled to wrap-up construction during the fourth quarter, compared to completions averaging 36,000 units per quarter so far in 2013.

Total ongoing construction across the nation’s 100 largest metros stands at 308,953 units. The ongoing construction pace has held at just more than 300,000 units since the beginning of the year.

Related news

• Southern California Apartment Rents to Rise for Two Years (Bloomberg)
• U.S. apartment vacancy rate falls, rents rise (Reuters)