If you’re in the market for an apartment, be prepared to pay a premium.
Rents on newly signed leases soared 14.6 percent in June compared to June 2020, the most on record, according to industry consultant RealPage Inc. Additionally, occupancy reached 96.5 percent, matching the previous record set in 2000.
Bloomberg analysts propose the increased interest is in part due to young adults and blended families who may have stuck it out together through 2020 and are now looking for their own space. Of course, a strengthening economy doesn’t hurt, either.
According to RentData, California has the 4th highest rent in the country out of 56 states and territories. The Fair Market Rent in California ranges anywhere from $807 for a two bedroom apartment in Modoc County to $3,553 for a two bedroom apartment in San Francisco, CA.