124 Luxury Apartments for rent in Moreno Valley, CA
February 2020 Moreno Valley Rent Report
Welcome to the February 2020 Moreno Valley Rent Report. Moreno Valley rents remained steady over the past month. In this report, we'll evaluate trends in the Moreno Valley rental market, including comparisons to cities throughout the metro, state, and nation.
February 2020 Moreno Valley Rent Report
Welcome to the February 2020 Moreno Valley Rent Report. Moreno Valley rents remained steady over the past month. In this report, we'll evaluate trends in the Moreno Valley rental market, including comparisons to cities throughout the metro, state, and nation.
Moreno Valley rents held steady over the past month
Moreno Valley rents have declined 0.1% over the past month, but have been relatively flat at 0.4% in comparison to the same time last year. Currently, median rents in Moreno Valley stand at $1,374 for a one-bedroom apartment and $1,718 for a two-bedroom. Moreno Valley's year-over-year rent growth lags the state average of 1.3%, as well as the national average of 1.6%.
Rents rising across the Riverside Metro
While rents have remained steady in the city of Moreno Valley throughout the past year, cities across the metro have seen a different trend. Rents have risen in all of of the largest 10 cities in the Riverside metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Victorville has seen the fastest rent growth in the metro, with a year-over-year increase of 3.2%. The median two-bedroom there costs $1,415, while one-bedrooms go for $1,131.
- Corona has the most expensive rents of the largest cities in the Riverside metro, with a two-bedroom median of $2,257; rents increased 0.3% over the past month and 2.5% over the past year.
- San Bernardino has the least expensive rents in the Riverside metro, with a two-bedroom median of $1,068; rents rose 0.8% over the past year but remained flat month-over-month.
Many large cities nationwide show more affordable rents compared to Moreno Valley
Rent growth in Moreno Valley 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, Moreno Valley is less affordable for renters.
- Other cities across the state have seen rents slightly increase, with California as a whole logging rent growth of 1.3% over the past year. For example, rents have grown by 1.3% in San Jose, 1.3% in San Diego, and 0.5% in Los Angeles.
- Moreno Valley's median two-bedroom rent of $1,718 is above the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the stagnant growth in Moreno Valley.
- While rents in Moreno Valley remained moderately stable this year, similar cities saw increases, including Phoenix (+3.7%), Austin (+3.3%), and Charlotte (+2.6%); note that median 2BR rents in these cities go for $1,101, $1,470, and $1,154 respectively.
- Renters will generally find more expensive prices in Moreno Valley than most large cities. For example, Jacksonville has a median 2BR rent of $1,096, where Moreno Valley is more than one-and-a-half times 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.