Buzz: Silicon Valley is taken into account the toughest place in California to seek out an apartment, while western Los Angeles County is the simplest.
Source: My reliable spreadsheet checked the Californian a part of the RentCafe’s half-yearly study on nationwide housing markets. The evaluation found that larger complexes have essentially the most competitive rental properties. The report covered 12 markets within the Golden State.
Top line
Silicon Valley was the sixth hardest place within the country to seek out an apartment. Orange County was ranked eighth, Eastern Los Angeles County ninth, and San Diego County sixteenth.
But let's have a look at the numbers these rankings produce to learn what a California apartment hunter might search for when trying to find a brand new home. Let's have a look at the averages of the state's six tightest markets and compare them to 6 more renter-friendly regions.
Empty units: This availability indicator shows that within the six best markets, 4.4% of units were vacant. In the six least competitive markets, the emptiness rate was 6.3%.
Duration of emptiness: How quickly do tenants should react? In essentially the most competitive markets, apartments remain unlet for 44 days – within the least competitive markets, it’s 47 days.
How many looks: Who will you be competing against? 11 potential tenants per unit in essentially the most competitive markets – 10 within the least competitive markets.
Renewal rate: A popularity survey shows that 54% of renters stay of their homes in essentially the most competitive markets, in comparison with 51% within the least competitive markets.
New options: In essentially the most competitive locations, 2.2 recent units got here onto the marketplace for every 1,000 existing apartments – in essentially the most competitive locations, the figure was 4.6.
details
Here are the 12 California rental markets ranked on RentCafe's competitive scale – from “hard to rent” to “easier” – and the variables behind the rating…
No. 1 Silicon Valley: 5% emptiness, 40 days emptiness, 12 viewings and no recent units. In RealCafe's early 2024 rankings, it was California's third-toughest market.
No. 2 Orange County: 4% emptiness, 44 days emptiness, 12 viewings and three.8 per 1,000 existing rental properties. No. 1 firstly of 2024.
No. 3 Eastern Los Angeles County: 4% vacant, 45 days vacant, 14 viewings and no units. #4 early 2024.
No. 4 San Diego: 5% emptiness, 43 days emptiness, 10 views and 0.6 recent listings per 1,000. No. 2 early 2024.
No. 5 Central Valley: 4% emptiness, 45 days emptiness, 10 views and three.5 recent listings per 1,000. No. 5 early 2024.
No. 6 Central Coast: 4% emptiness, 46 days emptiness, 10 views and 5 recent ones per 1,000. No. 6 early 2024.
No. 7 Sacrament: 6% emptiness, 47 days emptiness, 10 views and 1.7 recent ones per 1,000. No. 7 early 2024.
No. 8 North Los Angeles County/Ventura County: 5% emptiness, 48 days emptiness, 11 views and 4.5 recent ones per 1,000. No. 8 early 2024.
No. 9 Inland Empire: 6% emptiness, 51 days emptiness, 12 views and 4.8 recent ones per 1,000. No. 10 early 2024.
No. 10 San Francisco Peninsula/North Bay: 7% emptiness, 44 days emptiness, 7 views and 5.8 recent ones per 1,000. No. 9 early 2024.
No. 11 East Bay: 7% emptiness, 48 days emptiness, 9 views and 5.4 recent ones per 1,000. No. 12 early 2024.
No. 12 Western Los Angeles County: 7% emptiness, 46 days emptiness, 9 views and 5.6 recent ones per 1,000. No. 11 early 2024.
Bottom line
California isn't very renter-friendly. Here's what the everyday California apartment seeker can expect in comparison with national norms from RentCafe.
Competitiveness result: Perhaps surprisingly, the figure in California is lower at 72.7 than within the USA at 73.4.
Empty units: There are fewer vacancies in California – 5.3% in comparison with 6.7% within the US.
Duration of emptiness: California is on average for the country at 46 days.
How many looks: In California, the figure is 11, higher than within the USA, which is 8.
Renewal rate: In California, 52% change landlords more often than within the USA (62%).
New options: In California, the pace of construction is slower – 3.4 recent units per 1,000 in comparison with 6.1 within the US.
image credit : www.mercurynews.com