A Bay Area-based real estate company has just released some new numbers regarding the rental housing market.
The data focuses on six of the biggest cities in the region, including some that have had big changes in the past year.
The research was performed by a company called Zumper and while they have been around since 2012, this is the first time they say they have released a report like this for the area.
The most expensive city for a one-bedroom apartment, according to Zumper, is Folsom. The average price as of last month was $1,520.
That is $40 more than the second costliest city – Roseville – where the median rent for a one-bedroom is $1,480. However, Roseville’s average price dropped 2.6% from July to August.
Crystal Chen with Zumper said that could be a sign of more options.
“If there is a lot of new construction that is happening and that is creating new supply and can equate and stabilize the demand there, that usually has prices come down,” she explained.
In the middle of the six-city list, Elk Grove was $1,380 in August and Sacramento was $1,310.
Both Stockton and Modesto have the cheapest average cost of a one-bedroom unit at $1,010 and $1,040 per month, respectively.
But both are far more expensive now than they were just a year ago. Stockton’s average is up more than 12% and Modesto’s price is up more than 15%.
Chen believes transplants may be a big reason why.
“Bay Area and maybe Sacramento itself may be getting more expensive,” Chen said. “So, people looking for more affordability may be turning to Modesto for housing, which may be a reason why the prices are up there as well.”
While Folsom has the highest rent on average, it is still more than $300 below the state average for one-bedroom apartments. Of course, that also takes into consideration the extremely expensive Bay Area and big parts of Southern California.