Are Rent Increases Slowing In California?
Here’s some good news for renters, including those living in some of California’s biggest cities. For the first time this year, average rent prices across the nation decreased month-over-month in August, with the monthly cost of renting a one or two-bedroom apartment dropping by about $50, according to a new report from Rent.com. During the month of August, the national average monthly rent for a one-bedroom apartment went down by 2.77%, to $1,721 a month, the report found.
Rental prices year over year are still up, according to the report. Rents in August 2022 were still 27.13% higher than they were in August 2021 for single-bedroom units, but those year-over-year gains appear to be evening out, the report said.
Rent Increases Starting To Moderate Statewide
“Year-over-year price increases are also starting to moderate, driven by dips in prices in large cities,” Rent.com said its report. “August data shows significant year-over-year decreases in major cities like Los Angeles; Jacksonville, Florida, and Saint Louis, Missouri.” Average monthly rental costs across the nation for two-bedroom units also saw month-over-month decreases in August, falling by 2.47% to reach $2,054 per month. That figure was still 23.43% higher than in August 2021, the report said.
Contact RPM Central Valley
At RPM Central Valley, we specialize in property management for Central Valley.
Our team saves owners the time, money and hassle of managing their properties themselves.
To learn more about the services we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.