March’s overall statewide rent fell to $1,930 a month, off 3.5% (or $70) from August 2022’s top.
April 10, 2023 at 7:35 a.m.The post-pandemic return to normalcy that’s decelerated California housing markets is forcing landlords statewide to compete for tenants. Meanwhile, renters are seeing the most available units in nearly two years.The statewide vacancy rate rose to 5.2% in March, the highest level since April 2021 and a noteworthy jump from the 3.6% pandemic-era low in September-November 2021.
Those extra options are a key reason why March’s overall statewide rent fell to $1,930 a month, down 3.5% from August 2022’s peak. Yes, that’s still not affordable for numerous Californians, and it’s still up 15% in three years.Lots of factors are cutting demand for apartments. The fear of catching COVID-19 in crowded living arrangements has dropped. The return of workers to the office and children to classrooms has limited the need for additional home office or study space.
Plus, developers saw 2021’s landlord-friendly conditions of rising rents and few vacancies and rushed to build. Statewide permits for multifamily housing totaled 106,000 in 2021-22 – a huge jump from the 71,000 average for two-year periods in the previous 30 years. So, landlords will have to fill up those new units, too.
And don’t forget that these trends – notably new supply of rentals coming online – occur as California’s population is shrinking. And even the in-state migration from bigger coastal cities toward inland regions that sped up in the crazy pandemic days is also cooling.Geographically speakingRents are off their peaks in all 12 markets – and are even down over three years in San Francisco and Alameda counties.
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