Author Topic: Declining Rents  (Read 861 times)

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Declining Rents
« on: May 09, 2022, 11:00:31 AM »
Sacramento rent begins to rapidly lower as eviction rates rise
As eviction rates rise across the Sacramento region, it temporarily lowers rent rates as vacancies increase, according to experts.

As eviction rates across the Sacramento region rise due to COVID-19 rent relief ending, the price to rent is temporarily decreasing due to the vacancies, according to experts.

β€œOn April 1 tenants were required to pay their rent again and if tenants did not pay their rent, landlords and property managers could start the eviction process,” said Bob Thomas, regional director of Pure Property Management.

According to the online platform Apartment List, the approximate average rent in Sacramento is as follows:

Studio - $1,900
One bedroom - $2,100
Two bedroom - $2,579
Three bedroom - $2,912

But on popular rental platforms, Zillow, HotPads, and Trulia – Sacramento area rental listing prices are lower than they have been in months, and hundreds of dollars less than the Apartment List averages.

Decreased rental prices is in direct response to lower occupancy, Thomas explained.


https://www.kcra.com/article/sacramento-rent-begins-rapidly-lower-eviction-rates-rise/39931748

Online marmott

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Re: Declining Rents
« Reply #1 on: May 09, 2022, 02:19:18 PM »
There is a 2+ years backlog of eviction that is being absorbed by the market, let's see if the decline lasts or is just a temporary stage. Prices have gone up so much in the region I feel more people are stuck renting than ever.

 

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