”Survey says” seems at numerous rankings and scorecards judging geographic areas whereas noting these grades are greatest seen as a mixture of clever interpretation and knowledge.
Buzz: Forget what the landlord is charging, the first headache is discovering a emptiness. And 5 California markets have been ranked amongst the 20 hardest locations to discover an apartment in the nation.
Source: My trusty spreadsheet’s overview of a RentCafe report on the nation’s most competitive apartment markets, primarily based on knowledge from massive rental complexes for 2022’s first half. The rental search challenges tracked for giant apartment markets have been what’s accessible (emptiness price); how lengthy models stayed empty; renter curiosity (prospects per unit); renters staying put (renewal price); and new building as a share of obtainable provide.
Top line
Here are the Golden State markets that made this apartment seeker’s nightmare checklist …
No. 11 Orange County: The 2.5% emptiness price is bother sufficient for an apartment seekers, however a typical empty unit stays unrented solely 31 days and attracts 20 prospects. That’s why 60% of renters select to renew leases. And new building provides simply 0.2% to what’s on the market.
No. 14 Central Valley: 2.4% vacancies with models empty 32 days; 16 prospects per unit; 49% of renters renew; no new provide.
No. 16 San Diego: 2.8% vacancies with models empty 31 days; 24 prospects per unit; 52% of renters renew; 0.7% new provide.
No. 19 Inland Empire: 3% vacancies with models empty 37 days; 21 prospects per unit; 53% of renters renew; 0.1% new provide.
No. 20 Eastern Los Angeles County: 2.5% vacancies with models empty 35 days; 27 prospects per unit; 41% of renters renew; 0.7% new provide.
Details
Here’s the rental problem in the six different California markets tracked, in order of their rental difficulties …
Sacramento: 3.5% vacancies with models empty 38 days; 16 prospects per unit; 54% of renters renew; no new provide.
North L.A./Ventura County: 3.2% vacancies with models empty 39 days; 16 prospects per unit; 47% of renters renew; 0.3% new provide.
Silicon Valley: 4.4% vacancies with models empty 35 days; 15 prospects per unit; 48% of renters renew; 0.3% new provide.
East Bay: 4.4% vacancies with models empty 39 days; 14 prospects per unit; 42% of renters renew; 0.5% new provide.
Western Los Angeles County: 4.4% vacancies with models empty 38 days; 16 prospects per unit; 35% of renters renew; 1.3% new provide.
San Francisco Peninsula/North Bay: 6.9% vacancies with models empty 41 days; 8 prospects per unit; 44% of renters renew; 0.5% new provide.
Bottom line
How robust is it for Golden State renters? Consider how these 11 California markets evaluate to the challenges of apartment searching throughout the nation.
The San Francisco Peninsula/North Bay market was the solely place in the state with a emptiness price above the 4.5% U.S. common. It was additionally the solely market with fewer prospects per unit than the 14 discovered nationwide.
And solely Western Los Angeles County had new building as larger share of obtainable rentals than the 0.7% U.S. norm.
Yes, six of the 11 markets did have models staying unrented for greater than the 35-day nationwide price.
Still, Californians discovered a brand new place extra usually than common. No market in the state exceeded the 62% nationwide renewal price.
Post script
Ten hardest locations in the U.S. to discover an apartment, by this math?
Miami was No. 1, adopted by Harrisburg, Pa., Orlando, Southwest Florida, North New Jersey, Grand Rapids, Mich., Rochester, N.Y., Central New Jersey, Milwaukee, and Broward County, Fla.
Jonathan Lansner is the enterprise columnist for the Southern California News Group. He may be reached at [email protected]