11 2 Bedroom, 2 Bathroom Apartments for rent in Monterey, CA
November 2019 Monterey Rent Report
Welcome to the November 2019 Monterey Rent Report. Monterey rents declined over the past month. In this report, we'll evaluate trends in the Monterey rental market, including comparisons to cities throughout the state and nation.
November 2019 Monterey Rent Report
Welcome to the November 2019 Monterey Rent Report. Monterey rents declined over the past month. In this report, we'll evaluate trends in the Monterey rental market, including comparisons to cities throughout the state and nation.
Monterey rents decline sharply over the past month
Monterey rents have declined 1.6% over the past month, but have been relatively flat at 0.1% in comparison to the same time last year. Currently, median rents in Monterey stand at $1,436 for a one-bedroom apartment and $1,797 for a two-bedroom. Monterey's year-over-year rent growth lags the state average of 1.1%, as well as the national average of 1.4%.
Rents rising across cities in California
Throughout the past year, rents have remained steady in the city of Monterey, but other cities across the entire state have seen rents increase. 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 1.1% 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 $3,123; of the 10 largest California cities that we have data for, all have seen rents rise year-over-year, with Fresno experiencing the fastest growth (+2.5%).
- Anaheim, Sacramento, and Bakersfield have all experienced year-over-year growth above the state average (2.0%, 2.0%, and 1.3%, respectively).
Many large cities nationwide show more affordable rents compared to Monterey
Rent growth in Monterey has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Monterey is less affordable for renters.
- Monterey's median two-bedroom rent of $1,797 is above the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the stagnant growth in Monterey.
- While rents in Monterey remained moderately stable this year, similar cities saw increases, including Phoenix (+4.0%), Dallas (+2.3%), and Atlanta (+1.8%); note that median 2BR rents in these cities go for $1,097, $1,136, and $1,210 respectively.
- Renters will generally find more expensive prices in Monterey than most large cities. For example, Detroit has a median 2BR rent of $894, where Monterey is more than twice that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
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.