Totals: Rents have fallen in nine of California's 16 major cities this summer.
Source: My trusty spreadsheet scoured ApartmentList's August rental tracker for 100 major U.S. cities, including 16 in California.
Top line
Not only did Oakland see the biggest rent decline within the state last 12 months (-8.8%), it also saw the biggest decline in the complete country.
That doesn't mean that rents in Oakland are low cost, at the very least not by national standards. Landlords charged $1,793 for a one-bedroom apartment (sixteenth amongst 100 U.S. cities) and $2,153 for a two-bedroom apartment (seventeenth).
What's up
In these California cities, renters were the winners…
San Diego: Overall rents decreased 3.8% year-over-year (eighth out of 100). The median price for a 1-bedroom apartment (eleventh) was $1,982 and for a 2-bedroom apartment (seventh) was $2,484.
Chula Vista: 3.6% discount from the previous 12 months (No. 9) with $1,730 for a 1-bedroom apartment (No. 17) and $2,264 for a 2-bedroom apartment (No. 15).
Long Beach: 2.2% discount from the previous 12 months (No. 24) with $1,577 for a 1-bedroom apartment (No. 22) and $1,931 for a 2-bedroom apartment (No. 21).
Los Angeles: 2% discount from the previous 12 months (No. 26) at $1,885 for a 1-bedroom home (No. 15) and $2,404 for a 2-bedroom home (No. 12).
Riverside: 1.1% discount from the previous 12 months (No. 36) with $1,491 for a 1-bedroom apartment (No. 26) and $1,791 for a 2-bedroom apartment (No. 25).
Santa Ana: 0.9% lower than the previous 12 months (No. 39) with $1,919 for a 1-bedroom apartment (No. 14) and $2,263 for a 2-bedroom apartment (No. 16).
Fremont: 0.9% lower than the previous 12 months (No. 39) with $2,297 for a 1-bedroom apartment (No. 8) and $2,783 for a 2-bedroom apartment (No. 5).
San Francisco: 0.5% discount from previous 12 months (No. 43) at $2,752 for a 1-bedroom apartment (No. 1) and $3,262 for a 2-bedroom apartment (No. 1).
What's up
In these cities, tenants paid…
Fresno: Rents increased 2.5% overall for the 12 months (86th out of 100 renters), with rents for a 1-bedroom apartment rising to $1,082 (73rd) and for a 2-bedroom apartment rising to $1,335 (seventieth).
San Jose: Increase of 1.9% inside a 12 months (81st place) with $2,503 for a 1-bedroom apartment (third place) and $2,969 for a 2-bedroom apartment (4th place).
Moreno Valley: Increase of 1.5% inside a 12 months (No. 74) with $1,611 for a 1-bedroom apartment (No. 21) and $1,832 for a 2-bedroom apartment (No. 23).
Anaheim: Increase of 1.3% inside a 12 months (No. 67) with $1,969 for a 1-bedroom apartment (No. 12) and $2,429 for a 2-bedroom apartment (No. 11).
Sacramento: Increase of 1% in a single 12 months (No. 63) with $1,400 for a 1-bedroom apartment (No. 37) and $1,769 for a 2-bedroom apartment (No. 27).
Santa Clarita: Compared to the identical period last 12 months, there was a rise of 0.5% (No. 57), with $2,006 for a 1-bedroom apartment (No. 10) and $2,441 for a 2-bedroom apartment (No. 9).
Irvine: Apartment in a single 12 months (No. 52) with $2,553 for a 1-bedroom apartment (No. 2) and $3,130 for a 2-bedroom apartment (No. 2).
Conclusion
These statistics suggest that budget-conscious renters in California can find relatively inexpensive deals in certain cities. A wave of latest apartment complexes has led to competition amongst landlords to fill empty units.
An unstable economy with high unemployment also reduces demand for rental housing, prompting landlords to either lower rents, offer other incentives, or raise prices moderately.
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