“How expensive?” tracks measurements of California’s totally unaffordable housing market.
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The pain: For all the talk of falling rents, landlords are upping their ask in eight of the state’s 11 largest cities.
The source: My trusty spreadsheet reviewed November stats from Zumper on what landlords sought, combining median asking rents and one-year price changes for one- and two-bedroom units in 100 big US cities, including 11 from California.
The pinch
For November, the typical California landlord sought $2,365 a month, up 2.3% in a year. Rents rose in eight of 11 cities.
Compare that with the rest of the nation, where landlords in 89 cities asked for $1,445 –– or 39% less than California. Rents were collectively up 1.7% in the year as 60 cities saw increases.
Pressure points
Ponder California rents and their swings, ranked from the biggest jumps in what landlords seek to the smallest …
Bakersfield: Up 7.6% in a year (No. 17 gain of the 100) to $1,300 (No. 69).
Los Angeles: Up 6.7% (No. 20) to $3,080 (No. 5).
San Jose: Up 6.2% (No. 25) to $2,970 (No. 7).
Fresno: Up 5.4% (No. 29) to $1,530 (No. 45).
San Francisco: Up 4.3% (No. 35) to $3,640 (No. 2).
Anaheim: Up 2.3% (No. 46) to $2,370 (No. 14).
Long Beach: Up 2.1% (No. 47) to $2,170 (No. 19).
Sacramento: Up 0.8% (No. 61) to $1,690 (No. 33).
Santa Ana: Down 1.1% (No. 72) to $2,470 (No. 11).
San Diego: Down 2.2% (No. 78) to $2,730 (No. 9).
Oakland: Down 3.7% (No. 91) to $2,310 (No. 15).
Bottom line
Ponder rent dips in California’s two big economic peers, according to this math.
In nine Texas cities, landlords asked for $1,420 a month, 40% below California’s rents. Rent was down 1.1% year over year with increases in six cities.
Seven Florida cities have $1,775 rent – 25% below California. That’s off 2.2% in year, with increases in three cities.
And think about the national extremes …
Costliest: New York, up 6.3% in a year to $4,960.
Cheapest: Wichita, Kansas, up 6.1% to $820.
Biggest gain: Syracuse, New York, up 27% to $1,390.
Biggest dip: Minneapolis, off 9.9% to $1,550.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com