Welcome to the February 2015 California Rental Price Monitor! California has some of the highest rents in the country, and February saw another month of solid growth. In this report, we’ll be looking at trends across the whole state as well as variations between cities.
California rent prices
In California, 1 bedroom rents increased slightly by 0.5% between January and February, while 2 bedroom rents increased by 0.3%. They are now up 6.1% and 4.8% over last year at median prices of $1,230 and $1,430, respectively.
Both 1 and 2 bedroom rents are higher than the national averages. The state’s 1 bedroom rent is $340 more and 38.2% higher than the national average price of $890. Also, the 2 bedroom rent in California is $470 more and 49% higher than the average national cost of $960.
Top 10 most expensive cities
- Palm Desert & San Francisco: Palm Desert and San Francisco both tied for the top most expensive city, with a 2 bedroom median rent price at $4,500. When it comes to 2-bedroom rent, Palm Desert saw a year-to-year increase of 4.8%, while San Francisco saw a 2.7% jump over last year. However, this is a case where numbers don’t tell the full story: the available rentals in Palm Desert include many fully furnished single family homes, while the available 2 bedrooms in San Francisco tend to be smaller apartments.
- Laguna Beach: Laguna Beach ranked No. 2 of the ten most expensive cities, with a 2-bedroom median price of $4,200. It also had the strongest year-over-year growth of any other city in the state at 16.9%.
- Santa Monica: Santa Monica was the third most expensive city, with a median price tag of $3,780 for 2-bedroom rent. The city saw a 2.6% growth in 2-bedroom rent over last year.
Top 10 cities with the fastest rent growth
- Fremont: Following Laguna Beach, Fremont ranked No. 2 of cities with the fastest rent growth at 14.6%, according to 2-bedroom figures. A 2-bedroom here has a median price tag of $2,000, while a 1-bedroom goes for $1,650.
- Pleasanton: About 15 miles northwest of Fremont is Pleasanton, which has the third fastest rent growth at 14.1%, when it comes to 2-bedroom rent. The median price for a 2-bedroom in Pleasanton is $2,400.
- Mountain View: Mountain View is one of a few cities in Silicon Valley that ranked as one of the most expensive cities and in the top 10 for fastest rent growth, along with Santa Clara and Sunnyvale. In Mountain View, a 2-bedroom carries a median price tag of $2,770, and 2-bedroom rents grew by 13.9% over last year.
|City||Avg Price – 1 Bed||MM Change – 1 Bed (%)||YY Change – 1 Bed (%)||Avg Price – 2 Bed||MM Change – 2 Bed (%)||YY Change – 2 Bed (%)|
|Marina del Rey||$2,790||-0.1||10.8||$3,380||1||11.7|
Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1 bedroom and 2 bedroom rents in 100 top cities and then ranked them by 2 bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted.
About Rental Price Monitors:
Apartment List Metropolitan Rental Price Monitors cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top suburbs, and identify the top 10 most expensive neighborhoods. As always, our goal is to provide price transparency to America’s 105 million renters so that you can make the best possible decisions in choosing a place to call home. Apartment List will publish the Metro Rental Price Monitors during the first calendar week of each month.
About Apartment List:
Apartment List is the fastest-growing apartment rental marketplace in the United States, and is reinventing the rental market on a foundation of trust and transparency. Our Webby-award winning site draws nearly 3 million monthly visits and lists several hundred thousand available rental properties. Headquartered in San Francisco, Apartment List was recently named the #3 fastest growing company in the Bay Area and raised capital from an incredible team of investors led by Matrix Partners.