Where are California’s rent bargains? They’re not cheap

“How expensive?” tracks measurements of California’s totally unaffordable housing market.

The pain: Even California’s “bargain” rents look expensive on a national scale.

The source: My trusty spreadsheet reviewed 2023 average rent statistics from ApartmentList for 518 larger markets across the US – including 75 in California. ApartmentList’s figures combine pricing from landlord listings and Census Bureau data.

The pinch

California’s 10 cheapest places had a median rent of $1,854 a month last year. Meanwhile, the 443 markets outside of California that were tracked had a $1,566 median rent.

So, rents elsewhere in the nation are 15% cheaper than the Golden State’s “bargain” cities.

Those 10 bargains

Here are the state’s lowest-priced rents and how they’ve changed since 2019 – just before a coronavirus upended the economy. Many of these markets are far from the traditional job hubs of Los Angeles, San Francisco, and San Diego …

Fresno: $1,304 in 2023 – up 26% vs. ’19.

Citrus Heights: $1,658 – up 29%

Sacramento: $1,675 – up 23%

Long Beach: $1,782 – up 19%

Riverside: $1,828 – up 37%

Pomona: $1,880 – up 34%

Berkeley: $2,058 – off 3%

Moreno Valley: $1,921 – up 44%

Santa Rosa: $1,915 – up 15%

La Mesa: $2,089 – up 36%

Other California extremes

The state’s priciest rental communities are primarily markets largely known for high-paying technology jobs …

Newport Beach: $3,242 in 2023 – up 21% vs. ’19.

Lake Forest: $3,151 – up 33%

San Mateo: $3,131 – off 2%

Laguna Niguel: $3,103 – up 36%

Dublin: $3,089 – up 8%

Emeryville: $3,033 – off 2%

Sunnyvale: $3,019 – off 1%

Redwood City: $2,980 – off 3%

Santa Clara: $2,979 – up 4%

Irvine: $2,967 – up 27%

Consider that the biggest rent hikes over four years were most likely to be found inland …

Moreno Valley: $1,921 in 2023 – up 44% vs. ’19.

Murrieta: $2,154 – up 42%.

Carlsbad: $2,280 – up 41%

Vista: $2,259 – up 39%

Aliso Viejo: $2,881 – up 39%

Chino: $2,327 – up 37%

Riverside: $1,828 – up 37%

Escondido: $2,183 – up 36%.

La Mesa: $2,089 – up 36%.

Finally, see the 10 California spots among 75 tracked where rents have declined since 2019 – all in the Bay Area …

Oakland: $2,158 in 2023 – off 13%.

San Francisco: $2,712 – off 12%

San Bruno: $2,757 – off 4%.

Mountain View: $2,922 – off 4%

Redwood City: $2,980 – off 3%

Berkeley: $2,058 – off 3%

Emeryville: $3,033 – off 2%

San Mateo: $3,131 – off 2%

Sunnyvale: $3,019 – off 1%

Bottom line

Ponder that there were 105 markets cheaper than Fresno – California’s bargain in this study.

The US lows for rent? Fargo, North Dakota at $953 a month, Roanoke, Virginia at $956, Fort Wayne, Indiana at $961, McAllen, Texas, at $964 and Lake Charles, Louisiana at $973.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

Source: Orange County Register