For the first time in two years, high-priced California rentals have undergone a slight decline, while markets in the Midwest are experiencing an increase in monthly rentals.
Realtor.com’s March rental report indicates 14 markets in California have seen year-over-year declines, including Riverside-San Bernardino at -5.3 percent, Sacramento at -2.1 percent, and San Francisco and Los Angeles both at -0.8 percent. Speculation is that the declines may be connected to tech firm layoffs and a general weakening of the job market in the state.
However, even with those declines, California still has some of the highest rents in the country. Average rents in the San Jose-Sunnyvale-Santa Clara area are holding the top spot in the nation, coming in at $3,304 per month. San Diego-Carlsbad, Los Angeles-Long Beach, and San Francisco-Oakland are close seconds with just over $2,800 per month. Only the New York City metro area rivals these monthly rentals at $2,994….