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Sacramento ranked 26th most expensive city in U.S., but still beats out Bay Area rent prices

Sacramento’s apartment rental market continues to grow

Sacramento is the fastest-growing apartment rental market in the nation, according to Yardi Matrix. Occupancy rates have hit 96.8 percent, and prices have spiked. Downtown and midtown areas are most in demand. Here's a look at two projects.
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Sacramento is the fastest-growing apartment rental market in the nation, according to Yardi Matrix. Occupancy rates have hit 96.8 percent, and prices have spiked. Downtown and midtown areas are most in demand. Here's a look at two projects.

Rent prices in Sacramento rose in the past month, driving average housing costs up and making it the 26th most expensive city in the country, according to a recent report.

Zumper, an online rental marketplace, tracked rent data and ranked the 100 most populous cities in the United States. It found that the cost of a one-bedroom apartment in Sacramento increased by 4.1 percent in the past month and 2.4 percent in the past year.

The average monthly rent on a one-bedroom apartment in Sacramento is $1,260, while the average monthly rent for a two-bedroom apartment is $1,470, a figure that has risen 1.4 percent in the past month and 2.1 percent in the past year, according to Zumper.

Rent prices in Sacramento are comparable to those of Charlottle, N.C., which tied for 26th, and are slightly more expensive than those in Dallas, according to the report.

San Francisco is still the most expensive city on Zumper’s list, with an average monthly one-bedroom apartment rent of $3,720 and a month-over-month increase of 0.5 percent One-bedroom apartment costs in San Francisco have increased 6.3 percent over the past year, while two-bedroom apartment rents are averaging $4,800 per month and have increased 2.6 percent since last year, according to the report.

San Jose ranked just below San Francisco and New York City, with an average one-bedroom rent of $2,500, which rose 2.9 percent in the past month, and an average two-bedroom rent of $3,000, which rose 2.7 percent in the past month, according to the report.

Many other California cities ranked highly on Zumper’s list, with Los Angeles coming in sixth with $2,230 for one bedroom, Oakland at seventh with $2,200 for one bedroom and Santa Ana 10th with $1,780 for one bedroom.

Rent in Fresno — which was ranked 50th — is significantly cheaper than in Sacramento, with an average one-bedroom rent of $1,000 and an average two-bedroom rent of $1,140, according to the report. Fresno’s costs haven’t changed in the past month, but in the past year, one-bedroom rents have gone up 12.4 percent and two-bedroom rents have gone up 5.6 percent, according to Zumper.

The national average for a one-bedroom apartment is $1,220 per month, which increased 0.3 percent in the past month, and the national average for a two-bedroom apartment is $1,469, which dropped 0.1 percent in the past month, according to the report.

Of the cities included in Zumper’s report, Bakersfield and Chicago saw the largest drops in one-bedroom rent prices, each dipping 5.1 percent in the last month. Renting a one-bedroom apartment in Bakersfield costs $740 per month on average, compared to Chicago’s average of $1,490, according to Zumper.

Bakersfield was the cheapest California city included in the report and was ranked 86th. Its average two-bedroom apartment rent is $930 per month, which dropped 3.1 percent in the past month.

The cheapest city in the country was Akron, Ohio, where a one-bedroom apartment costs $550 per month on average and a two-bedroom apartment costs $730 per month on average, according to Zumper. Akron’s one-bedroom apartment rents increased 1.9 percent in the past month, but have dropped 8.3 percent in the past year, according to the report.

Zumper’s full listing and methodology can be found here.

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