Pricey rents in California’s hottest housing markets – San Francisco and Silicon Valley – are continuing to soar, and new data out this month suggests rising costs in major metropolitan areas are driving people out to search for cheaper living elsewhere.
The real estate firm Yardi Matrix analyzed trends across California, and found rents are rising faster in Sacramento and the Central Valley than any other part of the state.
San Francisco is ranked as the most expensive market, with average monthly rents at $2,941, and the Central Valley is the cheapest, with average rents at $985 per month. Some places rent for more, and some for less. But the average, calculated by assessing rental housing with 50 units or more, provides a snapshot on how the market has changed year by year. Here’s the full ranking of California’s most expensive markets, followed by the most affordable.
▪ San Francisco: $2,941 per month.
▪ South Bay: $2,774 per month.
▪ Los Angeles metro: $2,302 per month.
▪ East Bay: $2,204 per month.
▪ Orange County: $1,992 per month.
▪ San Fernando Valley: $1,820 per month.
▪ San Diego: $1,810 per month.
▪ Central Coast: $1,712 per month.
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