As the rental market continues to evolve in 2024, Sacramento remains an attractive location for renters seeking a balance of affordability and convenience. Based on the latest data from Zillow, here’s an overview of what’s happening in the Sacramento rental market this November:
Key Highlights
1.Median Rent: The median rental price in Sacramento is $1,995, reflecting a $45 increase compared to November 2023 and $35 more than last month. This steady growth highlights a strong yet stable market for landlords and renters alike.
2.Price Range: Rental prices in Sacramento range from as low as $700 to $9,200, with the median price offering a balanced option for most renters.
3.Market Temperature: Sacramento is categorized as a “cool” rental market, indicating a more relaxed renter demand compared to national hotspots.
4.Available Rentals: With 1,442 rentals currently on the market, prospective renters have a range of options, from budget-friendly apartments to premium properties.
How Sacramento Compares
Renters in Sacramento benefit from relatively lower costs when compared to nearby major markets. For example:
•Sacramento’s median rent of $1,995 is 39% lower than San Francisco’s $3,295.
•Despite increasing demand, Sacramento’s rental rates remain competitive on a national scale, sitting $35 below the national median.
Area Trends
Several neighborhoods in the Sacramento area present diverse rental options:
•Arden-Arcade: Median rent is $1,325, ideal for budget-conscious renters.
•La Riviera: Median rent aligns with Sacramento’s median at $1,995.
•Rosemont: Slightly above the city average at $2,050.
•West Sacramento: Higher-end market with rents at $2,188.
•Rio Linda: Premium rentals averaging $2,300.
Yearly Trends
Over the past year, Sacramento’s rental prices have experienced modest growth. The steady $45 year-over-year increase reflects a balanced market that’s neither overly competitive nor stagnant. This trend underscores Sacramento’s appeal as a growing metropolitan area with stable housing opportunities.