129 Apartments with washer-dryer for rent in Palm Desert, CA
November 2019 Palm Desert Rent Report
Welcome to the November 2019 Palm Desert Rent Report. Palm Desert rents declined over the past month. In this report, we'll evaluate trends in the Palm Desert rental market, including comparisons to cities throughout the metro, state, and nation.
November 2019 Palm Desert Rent Report
Welcome to the November 2019 Palm Desert Rent Report. Palm Desert rents declined over the past month. In this report, we'll evaluate trends in the Palm Desert rental market, including comparisons to cities throughout the metro, state, and nation.
Palm Desert rents decline sharply over the past month
Palm Desert rents have declined 1.6% over the past month, and are down moderately by 0.7% in comparison to the same time last year. Currently, median rents in Palm Desert stand at $953 for a one-bedroom apartment and $1,192 for a two-bedroom. Palm Desert'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 the Riverside Metro
While rent prices have decreased in Palm Desert over the past year, the rest of the metro is seeing the opposite trend. Rents have risen in 9 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.
- Corona has the most expensive rents in the Riverside metro, with a two-bedroom median of $2,261; the city has also seen rent growth of 3.2% over the past year, the fastest in the metro.
- Over the past month, Moreno Valley has seen the biggest rent drop in the metro, with a decline of 1.5%. Median two-bedrooms there cost $1,717, while one-bedrooms go for $1,373.
- San Bernardino has the least expensive rents in the Riverside metro, with a two-bedroom median of $1,058; rents grew 0.6% over the past month and 0.5% over the past year.
Palm Desert rents more affordable than many large cities nationwide
As rents have fallen moderately in Palm Desert, many large cities nationwide have seen prices increase, in some cases substantially. Palm Desert is also more affordable than most large cities across the country.
- Other cities across the state have seen rents slightly increase, with California as a whole logging rent growth of 1.1% over the past year. For example, rents have grown by 0.8% in San Jose, 0.8% in San Diego, and 0.4% in Los Angeles.
- Palm Desert's median two-bedroom rent of $1,192 is slightly above the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 0.7% decline in Palm Desert.
- While rents in Palm Desert fell moderately over the past year, many cities nationwide saw increases, including Phoenix (+4.0%), Austin (+3.2%), and Charlotte (+2.9%).
- Renters will find more reasonable prices in Palm Desert than most large cities. For example, San Jose has a median 2BR rent of $2,655, which is more than twice the price in Palm Desert.
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.