Moreno Valley Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Moreno Valley, CA. Currently, the overall median rent in the city stands at $1,896, roughly the same as last month. Prices remain down 1.0% year-over-year. Read on to learn more about what’s been happening in the Moreno Valley rental market and how it compares to trends throughout the broader Riverside metro area and the nation as a whole.

Moreno Valley rents are flat month-over-month and down 1.0% year-over-year

The median rent in Moreno Valley rose by 0.4% over the course of April, and has now decreased by a total of 1.0% over the past 12 months. Moreno Valley’s rent growth over the past year has is similar to both the state (-0.9%) and national averages (-0.8%).

Moreno Valley rent growth in 2024 pacing above last year

Four months into the year, rents in Moreno Valley have risen 0.6%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had decreased 1.3%.

April rent growth in Moreno Valley ranked #52 among large U.S. cities

Moreno Valley rents went up 0.4% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #52. Similar monthly rent growth took place in Corpus Christi, TX (0.4%) and Tulsa, OK (0.4%).

Moreno Valley is the #20 most expensive large city in the U.S., with a median rent of $1,896

Citywide, the median rent currently stands at $1,567 for a 1-bedroom apartment and $1,783 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,896. That ranks #20 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Moreno Valley is 35.8% higher than the national, and is similar to the prices you would find in Miami, FL ($1,923) and Gilbert, AZ ($1,799).

Moreno Valley rents are 2.5% higher than the metro-wide median

If we expand our view to the wider Riverside metro area, the median rent is $1,849 meaning that the median price in Moreno Valley ($1,896) is 2.5% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.6%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 11 cities in the Riverside metro area that are included in our database. Among them, Chino Hills is currently the most expensive, with a median rent of $2,835. Victorville is the metro’s most affordable city, with a median rent of $1,576. The metro's fastest annual rent growth is occurring in Murrieta (0.7%) while the slowest is in Victorville (-6.0%).

You can also use the map below to explore the latest rent trends in the Riverside metropolitan area.