The real estate market in Sacramento, California, presents a variety of fascinating trends and statistics, particularly when it comes to rentals. With data sourced from Zillow Inc., we delve deep into the Sacramento rental market as of Fall 2023 to uncover insights and noteworthy highlights.
1. Sacramento’s Market Temperature
As of Fall 2023, the Sacramento rental market is described as ‘Cool’. This label is often attached to markets where demand is not aggressively outstripping supply. In such a market, renters might find they have more options available, and perhaps even more room to negotiate on prices.
2. Sacramento vs. Austin: A Comparative Insight
When comparing the median rent prices between Sacramento and Austin, TX, Sacramento proves to be the more affordable option. The rent in Sacramento is 9% lower than in Austin, with the former averaging a rent of $2,000 compared to Austin’s $2,200.
3. Neighborhood Watch: Prices Across the City
Diving into specific neighborhoods, we find:
- Rosemont, CA: $1,900
- Arden-Arcade, CA: $1,650
- West Sacramento, CA: $2,117
- Rio Linda, CA: $1,900
- Fair Oaks, CA: $2,350
- Citrus Heights, CA: $2,166
This distribution showcases the varied rental prices across different neighborhoods, allowing potential renters to gauge which areas might best fit their budget.
4. The Numbers: Market Summary
4. The Numbers: Market Summary- Median Rent: $2,000
- Month-Over-Month Change: -$51 decrease
- Year-Over-Year Change: -$195 decrease
- Available Rentals: 1,304
These numbers depict a slight cooling trend in the market, with both monthly and yearly decreases in median rent. However, with over 1,300 available rentals, potential tenants have a wide variety of options to choose from.
5. Price Range and Rental Evolution
The available rentals span a vast price range from $300 to a whopping $14,479, catering to both budget-conscious renters and those seeking luxury accommodations.
Over time, the median rental price has seen a decrease. In the last year alone, rent decreased by $195 compared to the previous year.
6. FAQ Highlights
- The average rent in Sacramento is $2,000.
- Costs for renting a house in the city range between $300 – $14,479.
- Rent for October 2023 is $195 less than October 2022 and $51 less than September 2023.
- 1,304 rentals are available in Sacramento.
- Sacramento’s median rent is $13 less than the national median.
In conclusion, the Sacramento rental market in Fall 2023 offers potential renters a variety of options at competitive prices. With a cooling trend in rent prices and a broad range of available properties, now might be an opportune time for those considering a move to this vibrant Californian city.
