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STOCKTON — Stockton apartment rents are the second fastest growing in the country, according to a study from apartment search website Rent Café using data from its sister site Yardi Matrix.
Because of limited inventory, rents rose 11.2 percent between November 2015 and November 2016. The only city with faster rising rents was Sacramento.
Nationally, the rental market is cooling following record-high apartment construction. The average apartment rent went 4.3 percent year over year. However, rents have been falling since August and were an average of $1,214 in November.
Though Stockton’s rate of increase is high, the average rent for an apartment in Stockton was still below the national average at $990.
Stockton is still below rents in other Northern California cities. Sacramento’s average rent in November was $1,179. Renters in Oakland were paying an average of $2.452.
Rents in San Francisco are dropping slightly thanks to a surge in apartment building. Rents fell 1.2 percent compared to November 2015. The year before, rents were up 11 percent.