”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data.
Buzz: California big-city rents fell for the fifth consecutive month in January.
Source: My trusty spreadsheet looked at January estimates compiled ApartmentList of lease rates for new tenants in 50 large California cities.
Topline: California big-city rents ran $2,088 in January, according to my populated-weighted average of the 50 cities. That’s down 0.5% from December as the economy cools and the urge for larger living spaces dips. Since 2018, January rents have averaged 0.1% one-month gains.
Also, do not forget that rents statewide are still up 1.5% vs. January 2022 and are 12% above what landlords charged in pre-pandemic January 2020.
And the pandemic’s inland rush created three-year rent hikes of 30% or more in eight markets, all in Southern California: Murrieta (up 40%), Escondido (36%), Moreno Valley (35%), Chula Vista (34%), Carlsbad (33%), Pomona (32%), Ontario (31%), and Riverside (30%).
Big drops
One month: Vista was off 2.5% to $2,196, Irvine off 2.3% to $2,996, and Santa Rosa off 1.9% to $1,818.
12 months: Roseville was off 4.4% to $2,105, Ventura off 3.8% to $2,048, and Costa Mesa off 3.5% to $2,461.
3 years: Oakland was off 15% to $1,613, San Francisco off 13% to $2,174, and Berkeley off 10% to $1,740.
Big hikes
One month: Glendale was up 1.3% to $2,100, Pomona up 1.1% to $1,894, and Fresno up 0.8% to $1,311.
12 months: Santa Clara was up 8.7% to $2,631, Escondido up 6.8% to $2,177, and Hayward up 6.5% to $2,173.
3 years: Murrieta was up 40% to $2,411, Escondido up 36% to $2,177, and Moreno Valley up 35% to $2,129.
Extremes
Highest rent: Mission Viejo at $3,004, Irvine at $2,996, and Carlsbad at $2,969.
Lowest rent: Fresno at $1,311, Oakland at $1,613, and Sacramento at $1,615.
The top 10
California’s most-populated cities in January had seven one-month…
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