Sacramento’s apartment rental market continues to grow
Are friends posting a lot lately on Facebook about skyrocketing rents in Sacramento? There’s data suggesting the stories aren’t isolated incidents.
Rents in the city of Sacramento are up a whopping 7.4 percent this year compared with 2016 – the third-highest increase in the nation, according to analysis by real estate firm Apartment List.
Sacramento is seeing the highest rent hikes of any major California city. Only Arlington, Texas, and Reno have seen bigger jumps this year.
Apartment List analyzed the rental markets of the nation’s 100 largest cities. The San Francisco-based firm used data from the U.S. Census Bureau and private apartment listings to come up with its figures.
The study found that the average rent for a one-bedroom apartment in Sacramento is $916, while the typical two-bedroom pad will run $1,161. Those prices are still somewhat affordable compared to other cities this size – especially California cities.
Oddly, San Francisco, home to the most expensive one- and two-bedroom apartment rates in the nation, has seen a 1 percent decrease in average prices this year.
The price range in Sacramento, of course, varies widely based on location.
An 828-square-foot apartment in the Eviva apartment building at 16th and N streets is running $2,820 a month, according to a listing on Craigslist. In Oak Park, a three-bedroom home is available for $1,575 a month, while a two-bedroom apartment on Mack Road in south Sacramento will cost $1,025 a month.
Activists have begun showing up regularly at City Council meetings to urge action on the skyrocketing rental market, with many calling for some form of rent control. The council is expected to discuss the issue of affordable housing later this month.