California Rent Prices Drop Across Major Cities—Except Los Angeles
Rent prices have fallen year–over–year in California’s largest metropolitan areas, only not in Los Angeles.
According to December 2023 data from Rent.com, Sacramento saw the largest shift with rents falling over 6.5% to a median of $2,537 monthly. In the Riverside metro area, rent prices fell by more than 3.5%.
San Francisco and San Diego saw smaller decreases.
In California’s largest city, however, rent prices were up year-over-year. The analysis found that Los Angeles saw median rents rise to $3,515 per month in December, 4% higher than December 2022.
Statewide, the median rent was $2,941 per month, largely flat over the previous year.
Rent.com compiled the data from its available inventory, combining all bedroom types into a single median price.
| Metro Area | Population | Median Rent | YoY % Change | MoM % Change |
|---|---|---|---|---|
| Los Angeles, CA | 12,997,353 | $3,515 | 4.06% | −2.25% |
| San Diego, CA | 3,286,069 | $3,270 | −0.24% | −2.52% |
| San Francisco, CA | 4,623,264 | $3,631 | −1.06% | −0.68% |
| Riverside, CA | 4,653,105 | $2,575 | −3.74% | −3.54% |
| Sacramento, CA | 2,411,428 | $2,537 | −6.65% | 1.95% |
| California | — | $2,941 | −0.47% | −0.94% |
Median rent prices as of December 2023. (Rent.com)
California wasn’t among the states with the largest increases or decreases.
Mississippi, New Hampshire, Michigan, Minnesota, North Dakota and Kansas saw rents rise by double digits. Florida, Idaho and Oregon saw the steepest declines, according to Rent.com.
Nationally, the median monthly rent was $1,964 last month, less than 1% below December 2022, Rent.com said.
“Rent growth nationally is being diminished by lackluster demand and seasonal trends,” the online rental listing company said in its report. “Another factor contributing to downward pressure on rental markets is a construction boom, which in recent years has led to rising supply and vacancies.”
Salt Lake City led all metro areas with the largest decline, where rents fell by 20.75% year-over-year. Austin (-12.5%) experienced the second-largest decline.
Providence, Rhode Island (21.55%) and Columbus, Ohio (11.56%) saw the largest rent increases.
Cities with the largest rent increases
| Metro Area | Population | Median Rent | YoY % Change | MoM % Change |
|---|---|---|---|---|
| Providence, RI | 1,675,774 | $2,752 | 21.55% | −3.29% |
| Columbus, OH | 2,151,017 | $1,747 | 11.56% | 0.87% |
| San Jose, CA | 1,952,185 | $3,795 | 9.48% | 3.08% |
| Cincinnati, OH | 2,259,935 | $1,651 | 8.96% | 1.33% |
| Kansas City, MO | 2,199,490 | $1,656 | 8.72% | 2.08% |
| Jacksonville, FL | 1,637,666 | $1,717 | 7.62% | −0.54% |
| Hartford, CT | 1,211,906 | $2,141 | 7.37% | −0.47% |
December 2023 rent prices (Rent.com)
Cities with the largest rent decreases
| Metro Area | Population | Median Rent | YoY % Change | MoM % Change |
|---|---|---|---|---|
| Salt Lake City, UT | 1,263,061 | $1,788 | −20.75% | 1.94% |
| Austin, TX | 2,352,426 | $1,985 | −12.53% | 0.49% |
| Raleigh, NC | 1,448,411 | $1,873 | −12.18% | −2.04% |
| Las Vegas, NV | 2,292,476 | $1,638 | −9.27% | −1.09% |
| Houston, TX | 7,206,841 | $1,592 | −8.74% | −2.87% |
| Memphis, TN | 1,336,103 | $1,402 | −7.75% | −2.38% |
| Denver, CO | 2,972,566 | $2,546 | −7.69% | −2.41% |
December 2023 rent prices (Rent.com)
Credit Marc Sternfield – KTLA
