Rents Are Falling In California Cities, Will The Trend Continue?

condo

Thanks to a recent report by realtor.com, we know that rents are falling in many California cities including Riverside and Sacramento.

The big question is will the trend continue? Right now the answer is likely yes as the recession and inflation are poised to hit the economy hard in 2023 and that’s likely to send rents even lower.

Sunbelt Cities Are Seeing Biggest Declines In Rent

There’s no denying that the rental market in California seemed like it would continue booming but all good things eventually come to an end and with falling home prices, rents have also been declining statewide as well.

California’s capital, located at the northern end of the state’s massive agriculture-producing San Joaquin Valley and about 90 minutes northeast of San Francisco, received an influx of new residents during the pandemic. Many newly remote workers left the pricey Bay Area and moved to Sacramento, where real estate prices and the cost of living were significantly lower. (At $2,939, San Francisco’s median rent in November was about $1,000 more a month than in Sacramento.) That drove up rent prices here.

But now that the influx of new residents is ebbing and locals are getting priced out, prices have begun coming back to earth.

For around the area’s average monthly price, renters can find a traditional courtyard-style apartment near the city’s downtown.

More

What To Expect In 2023

2023 is poised to be a big year for landlords in California as the economy is brining change to every business sector across the state, especially the rental market.

To ensure that your rental property continues to rent for top dollar, and is professionally managed, you should hire a property management company like RPM Central Valley.

Our team has decades of combined property management experience and we look forward to serving you!

To get a quote, contact us today by calling (209) 572-2222 or click here to connect with us online.