16 Studio Apartments for rent in Walnut Creek, CA
July 2020 Walnut Creek Rent Report
Welcome to the July 2020 Walnut Creek Rent Report. Walnut Creek rents declined over the past month. In this report, we'll evaluate trends in the Walnut Creek rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Walnut Creek Rent Report
Welcome to the July 2020 Walnut Creek Rent Report. Walnut Creek rents declined over the past month. In this report, we'll evaluate trends in the Walnut Creek rental market, including comparisons to cities throughout the metro, state, and nation.
Walnut Creek rents decline sharply over the past month
Walnut Creek rents have declined 0.7% over the past month, but have increased marginally by 0.5% in comparison to the same time last year. Currently, median rents in Walnut Creek stand at $2,458 for a one-bedroom apartment and $3,088 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in April. Walnut Creek's year-over-year rent growth leads the state average of 0.1%, as well as the national average of 0.2%.
Rents falling across the San Francisco Metro
While rents prices have increased in Walnut Creek over the past year, the rest of the metro is seeing the opposite trend. Of the largest 10 cities that we have data for in the San Francisco metro, 6 of them have seen prices fall. Here's a look at how rents compare across some of the largest cities in the metro.
- Richmond has seen the fastest rent growth in the metro, with a year-over-year increase of 4.1%. The median two-bedroom there costs $2,765, while one-bedrooms go for $2,201.
- Over the past year, Daly City has seen the biggest rent drop in the metro, with a decline of 2.6%. Median two-bedrooms there cost $3,310, while one-bedrooms go for $2,635.
- Oakland has the least expensive rents in the San Francisco metro, with a two-bedroom median of $2,195; rents decreased 0.3% over the past month and 0.8% over the past year.
- San Mateo has the most expensive rents of the largest cities in the San Francisco metro, with a two-bedroom median of $4,449; rents went down 0.8% over the past month and 0.8% over the past year.
Many large cities nationwide show more affordable rents compared to Walnut Creek
As rents have increased in Walnut Creek, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Walnut Creek is less affordable for renters.
- Although rents across cities in California have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 0.4% in San Diego.
- Walnut Creek's median two-bedroom rent of $3,088 is above the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Walnut Creek's rents rose over the past year, the city of Phoenix also saw an increase of 1.9%.
- Renters will generally find more expensive prices in Walnut Creek than most large cities. For example, Phoenix has a median 2BR rent of $1,102, where Walnut Creek is more than two-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.