Rent prices rise rapidly in Central Valley

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Rent is on the rise in the Central Valley.

The Central Valley experienced some of the fastest growing rents in the mid-sized city category, according to a study by RENTCafe, a website that connects renters with properties.

The five-year analysis revealed that the average rent in Stockton, Lodi, Tracy, Manteca, Modesto, Turlock and Merced has risen year over year since 2013,
Stockton placed No. 2 on a list of fastest growing mid-sized U.S. cities in terms of rent increases, with a 7.8 percent rent increase year over year.

In Modesto, rent prices went up 8 percent from 2016 to 2017, which placed it eighth in the group of small markets with rapidly rising prices.

Tracy has some of the highest rents, averaging $1,744 for a property (studio, and one to three bedroom properties). That’s up from $1,729 from 2016 and $1,250 in 2013.

Lodi has also experienced rapid growth in the rental market, with average rents clocking in at $1,306 in 2017, up from $1,147 in 2016 and $864 in 2013.

To get this data, the study analyzed actual rents.

Nearby, Sacramento set the pace as one of several large cities that paid the equivalent of 13 months rent in 2017 based on price increases from 2016. Rent-over-rent increase in the state capital was 8.8 percent. The average renter paid $1,260 more in 2017 than the previous year.

Since 2013, rents have raised 50 percent in Sacramento.

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