In a notable divergence from statewide trends, rent prices in California’s largest metropolitan areas have undergone distinctive shifts, with Los Angeles standing out by experiencing a year-over-year increase.
According to data from Rent.com for December 2023, Sacramento witnessed the most significant change, with rents plummeting by over 6.5%, bringing the median monthly rent to $2,537. Similarly, the Riverside metro area experienced a dip of more than 3.5%.
While San Francisco and San Diego also observed decreases, Los Angeles bucked the trend, recording a 4% year-over-year surge in median rents. The analysis revealed a median monthly rent of $3,515 in December 2023, marking an increase from the same period in 2022.
In contrast, the statewide median rent remained relatively steady at $2,941 per month, displaying minimal fluctuation compared to the previous year.
Rent.com compiled this data by aggregating information from its available inventory, considering various bedroom types to establish a comprehensive median price.