June 2016 California Apartment List Rent Report
Welcome to the June 2016 California Apartment List Rent Report! California continues to be one of the priciest states in the country for rents. In this report, we’ll look at trends across the whole state as well as variations between cities.
California Rent Prices
In California, rent prices increased by 0.7% from April to May. They are now up 3.8% over the last year at median prices of $1,750 for a 1-bedroom and $2,110 for a 2-bedroom.
Top 10 Most Expensive Cities
- San Francisco: San Francisco once again claimed the highest rents statewide for both 1- and 2-bedroom units. A 1-bedroom in San Francisco costs $3,560 while 2-bedrooms had a median price of $4,730. San Francisco rents are up 0.4% over last month, though they show an overall year-over-year decline of 0.3%.
- San Diego: San Diego had the 4th most expensive California rents with median prices at $2,050 for a 2-bedroom. San Diego rent prices have increased by 4.8% since May 2015. A 1-bedroom costs $1,550 to rent in San Diego.
- Sacramento: California's capital placed 8th for most expensive rents, with a median 2-bedroom price of $1,250. Sacramento rents have shown a 4.1% increase in the past year.
Top 10 Cities With the Fastest Rent Growth
- Long Beach: In addition to placing 5th for most expensive rents statewide, this Los Angeles metro claimed the largest rent increase with 10.8% growth over May 2015. A 2-bedroom in Long Beach runs $2,000.
- Los Angeles: California's most populous city places 4th for strongest rent increase over last year. Los Angeles rents increased by 4.2% from May 2015 to May 2016, and have a 2-bedroom price tag of $2,710.
- San Jose: This Bay Area city had the 6th strongest year-over-year rent growth with an 2.7% increase over May 2015 for 2-bedroom figures. Although San Jose earned a top ten spot for fastest growing rents in California, its rent growth is still lower than the statewide average of 3.8%.
For full data and methodology, please see below. And as always, feel free to contact us with any questions!
Data & Methodology
|Aliso Viejo, CA||City||$1,760||$2,250||-0.1%||-15.3%|
|Apple Valley, CA||City||$740|
|Beverly Hills, CA||City||$3,000||$4,600||-0.3%|
Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for units available in the specified size and time period. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, taking the average price change for units available across both time periods.
About Apartment List Rent Reports:
Apartment List’s Rent Reports 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 cities, and identify the key facts renters should know. As always, our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home.