California apartment rents fell for a second consecutive month in October, with prices having the biggest drop in a month since at least 2017.
My trusty spreadsheet looked at ApartmentList’s monthly rent estimates in October for 44 major California cities and found a 1.3% drop from September to an average monthly payment of $ 2,222. It’s the biggest one-month drop in ApartmentList data dating back to 2017.
October saw rent cuts in 39 of the 44 major cities. Where have the biggest drops been and which cities have seen the biggest increases? And what about the one-year trends? Or how have rents shifted since the pre-coronavirus days?
Let’s take a look at the rental extremes within those 44 cities using ApartmentList’s October data.
Start with the monthly check amount …
Higher rents: Irvine was # 1 at $ 3,200 a month, then Carlsbad was $ 3,040, Temecula $ 2,784, Santa Clara $ 2,723, and Simi Valley $ 2,650.
Lower rents: Fresno at $ 1,329, Sacramento at $ 1,656, Oakland at $ 1,666, Long Beach at $ 1,711, and Concord at $ 1,860.
So, look at the month’s rent changes …
Best for tenants: Concord was the highest, down 3.3% from September to $ 1,860; then San Mateo, with a 3.1% discount at $ 2,632; Sunnyvale, 2.6% discount at $ 2,577; Temecula, 2.5% discount at $ 2,784; and Pomona, with a 2.4% discount at $ 1,959.
Worse: Irvine was number 1 with a 0.6% increase from September to $ 3,200. Next up 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.
What about the 12-month rent change?
Best for tenants: Ventura was at the top, with a 4% discount from October 2021 at $ 2,059. Number 2 was Roseville, with a 4% discount at $ 2,100; then Oakland, with a 3% discount at $ 1,666; Ontario, apartment at $ 2,181; and Costa Mesa, apartment at $ 2,542.
Worse: Chula Vista’s 14% jump from 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.
What about prices for tenants since pre-pandemic October 2019?
Best for tenants: Oakland was number 1, down 14% in three years to $ 1,666. Next was San Francisco, with a 12% discount at $ 2,268; San Mateo, 2% discount at $ 2,632; Sunnyvale, up 2% to $ 2,577; and San Jose, up 5% to $ 2,477.
Worse: Vista’s 40% increase from October 2019 to $ 2,357 was the highest. Then came 39% increases in Oceanside to $ 2,639; Moreno Valley at $ 2,171; Murrieta at $ 2,441; and Chula Vista for $ 2,447.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be contacted at [email protected]
Procurement and methodology
California apartment rents fell for the second consecutive month in October.