Asking rents climbed by $12, or 0.6 percent, from March to April, according to the latest edition of the Zillow Observed Rent Index. That brings the index to $2,018, for a cumulative 1.3 percent increase since its recent low point in January, at $1,991.
The 0.6 percent monthly increase is slightly smaller than the typical April increase of 0.7 percent, suggesting that today’s growth is still driven mainly by seasonal factors.
Typical asking rents at the national level now stand at $2,018, 5.3 percent higher than one year ago, and 0.5 percent higher than the peak of $2,008 observed in September 2022.
The typical rent in Los Angeles last month was $2,940 last month, a 3.7 percent year-over-year increase and up 0.48 percent from March. San Diego’s typical in April was a bit higher at $3,040. That’s up 1.29 percent monthly and 6.7 percent annually.
San Francisco’s typical rent came in at $3,112, up 0.33 percent from March and 2.1 percent annually. Meanwhile, Sacramento’s $2,284 April average was up 3 percent from one year ago.
Of the popular NorCal rental spots, San Jose came in with the highest typical rent at $3,289 in April. That’s a 3.5 percent annual increase and a 0.31 percent increase from March 2023.