141 Luxury Apartments for rent in Bakersfield, CA
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September 2017 Bakersfield Rent Report
Welcome to the September 2017 Bakersfield Rent Report. Bakersfield rents remained steady over the past month. In this report, we'll evaluate trends in the Bakersfield rental market, including comparisons to cities throughout the state and nation.
Bakersfield rents held steady over the past month
Bakersfield rents have remained flat over the past month, however, they have increased slightly by 1.6% year-over-year. Currently, median rents in Bakersfield stand at $710 for a one-bedroom apartment and $920 for a two-bedroom. Bakersfield's year-over-year rent growth lags the state average of 4.5%, as well as the national average of 3.0%.
Rents rising across cities in California
Throughout the past year, rent increases have been occurring not just in the city of Bakersfield, but across the entire state. Of the largest 10 cities that we have data for in California, all of them have seen prices rise. The state as a whole logged rent growth of 4.5% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, San Francisco is the most expensive of all California's major cities, with a median two-bedroom rent of $3,070; of the 10 largest California cities that we have data for, all have seen rents rise year-over-year, with Sacramento experiencing the fastest growth (+9.4%).
- Sacramento, Santa Ana, and Fresno have all experienced year-over-year growth above the state average (9.4%, 6.3%, and 6.3%, respectively).
Bakersfield rents more affordable than many large cities nationwide
Rent growth in Bakersfield has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Bakersfield is still more affordable than most large cities across the country.
- Bakersfield's median two-bedroom rent of $920 is below the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 1.6% rise in Bakersfield.
- While rents in Bakersfield remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Phoenix (+4.9%), and Denver (+3.0%); note that median 2BR rents in these cities go for $1,710, $1,020, and $1,350 respectively.
- Renters will find more reasonable prices in Bakersfield than most large cities. For example, New York has a median 2BR rent of $2,490, which is more than two-and-a-half times the price in Bakersfield.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.
