California apartment rents fell for the second-consecutive month in October with pricing taking its biggest one-month drop since at least 2017.
My trusty spreadsheet reviewed ApartmentList’s monthly rent estimates in October for 44 large California cities and found a 1.3% dip from September to a monthly median payment of $2,222. It’s the largest one-month decline in ApartmentList data going back to 2017.
October saw rent cuts in 39 of 44 big cities. Where were the largest declines – and what cities had the biggest increases? And what about one-year trends? Or how have rents moved since pre-coronavirus days?
California apartment rents fall in 89% of big cities in October
Let’s take a peek at renting’s extremes within those 44 cities using ApartmentList’s October data.
Start with the size of the monthly check …
Highest rents: Irvine was No. 1 at $3,200 a month, then came Carlsbad at $3,040, Temecula at $2,784, Santa Clara at $2,723 and Simi Valley at $2,650.
Lowest rents: Fresno at $1,329, Sacramento at $1,656, Oakland at $1,666, Long Beach at $1,711 and Concord at $1,860.
Next, look at one-month rent changes …
Best for tenants: Concord was tops, off 3.3% from September to $1,860; then San Mateo, off 3.1% to $2,632; Sunnyvale, off 2.6% to $2,577; Temecula, off 2.5% to $2,784; and Pomona, off 2.4% to $1,959.
Worst: Irvine was No. 1 with a 0.6% increase from September to $3,200. Next was Carlsbad, up 0.5% to $3,040; then Orange, up 0.4% to $2,367; Vista, up 0.3% to $2,357; and West Covina, up 0.1% to $2,273.
And the 12-month rent change?
Best for tenants: Ventura was tops, off 4% since October 2021 to $2,059. No. 2 was Roseville, off 4% to $2,100; then Oakland, off 3% to $1,666; Ontario, flat at $2,181; and Costa Mesa, flat at $2,542.
Worst: Chula Vista’s 14% jump since October 2021 to $2,447 was the highest. Then Oceanside, up 14% to $2,639; Santa Clara, up 12% to $2,723; Vista, up 11% to $2,357; and Burbank, up 10% to $2,129.
And pricing for tenants from pre-pandemic October 2019?
Best for tenants: Oakland was No. 1, down 14% in three years to $1,666. Next was San Francisco, off 12% to $2,268; San Mateo, off 2% to $2,632; Sunnyvale, up 2% to $2,577; and San Jose, up 5% to $2,477.
Worst: Vista’s 40% hike since October 2019 to $2,357 was the highest. Then came 39% increases in Oceanside to $2,639; Moreno Valley to $2,171; Murrieta to $2,441; and Chula Vista to $2,447.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Sourcing & Methodology
California apartment rents fell for the second-consecutive month in October.
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