As rents drop in the San Francisco Bay area. Sacramento is seeing a steady rise in Apartment Rents.
Of the all the large cities tracked by Newmark only Phoenix Arizona, saw faster growth in Rents than Sacramento. Average apartment rent in the Sacramento’s four-county area during the last quarter of 2020 was $1,710, up from $1,587 a year prior.
Hundreds of new apartments have been constructed midtown and other areas of the city and there are hundreds more in the pipeline. Demand is strong resulting in low vacany rates with many office workers moving from the San Francisco Bay Area where rents are much higher. In Sacramento, workers can telework from their apartments and rental homes in Sacramento.
A recent surge in construction of newer and more expensive apartment complexes in Sacramento in the past year has pushed average rents upward.
The newer vertical apartments, in popular midtown are the most expensize in the region. Average rent was highest in Davis at $2,159, next is Elk Grove at $2,029, Fair Oaks $1,655, Rancho Cordova $1,637, Woodland $1,186.
Newmark surveyed 265 apartment communities with a total of 53,500 units throughout the Sacramento area. The report did not break out rents by size of apartment unit or number of bedrooms.
Wait $1700 in Sacramento?
If your starting over, there are many neighborhoods in the region where one can find an apartment for much less. Woodland, Citrus Heights, South Natomas, South Land Park, Rancho Cordova, Orangevale, West Sacramento and some older units in midtown can be found under $1000 a month.
If you single or a couple, and earn less than $50,000, check with your local housing authority for information for affordable housing.