Even California’s Secondary Markets Experience Impressive Rent Growth | National Apartment Association

Even California’s Secondary Markets Experience Impressive Rent Growth

Digested from “Salinas tops list of California cities with fastest growing rents”
Monterey Herald (1/5/16) Herrera, James

San Francisco may boast the highest rent in California, but Salinas had the fastest-growing rent year over year in December.

California on the whole showed impressive rent growth, with rent rising 4.9 percent year over year, compared to the national average of 2.6 percent. Salinas led the way with 15.1 percent rent growth for two-bedroom apartment homes. Other top performers included Fremont and Vista, at 12.1 and 12 percent, respectively, followed by notably hot market San Jose, at 9.1 percent. Santa Clara, Long Beach, Marysville, San Mateo, Costa Mesa and Stockton also saw rent growth of 6.5 percent or more.

Thanks in part to this impressive growth, California remains one of the priciest states to live in. Cities such as Richmond are already proposing rent-control measures to help curtail growing unaffordability.

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