A new report from Realtor.com indicates that rent prices are decreasing everywhere except one California city.
The May report from the real estate listing website found that rent prices have dropped about 0.5% for rental properties with up to two bedrooms.
Across the U.S., the median asking rental price is $1,739, which is $38 less than the July 2022 peak but still $3 more expensive than April’s median rental price and 24.7%, or $344, more expensive than it was in 2019.
“The decline in rent will bring a sense of relief to renters who have been grappling with financial challenges throughout the past years,” the report said.
However, in one California city, the median rental price has increased. In San Jose, the average rent price increased by 1% and was the only large western metro area to see the increase, according to the report.
Other California cities experienced decreases in their average rental price, on par with the rest of the country.
California cities where the median rental price decreased
- Los Angeles metro by 2.6%,
- San Bernardino metro by 5.9%,
- Sacramento metro by 3.5%
- San Diego metro by .6%
- San Francisco metro by 4%
Overall, in the western metro area of the country, rent was 3% lower than where it was last year.
Even though average rental prices are declining, housing costs in the Golden State are still expensive.
For example, the median rent price for apartments in California is $2,116, well above the national average of $1,739.