The 1.3% dip from September to a median $2,222 is the largest one-month decline in data that dates to 2017.
California’s big-city apartment rents are up 3.5% in a year after gaining 19% in the previous 12 months. The 2022 pace seems more “normal” as rent increased at a 3.2% average annual pace in 2018-19. Apartment rents statewide also fell in September, a 0.4% one-month median decline with dips seen in 33 of the 44 cities.
Frenetic apartment hunting is over. Work-from-home and remote schooling is down, cutting needs for larger living quarters and lowering the desirability of rentals far from job centers. Plus, surging rents combined with 2022’s economic uncertainty made living with family or roommates more popular. Many studies track pricing by management companies for big apartment complexes. Compare that with the Consumer Price Index’s rent index, which is drawn from a survey of consumers living in a wide range of rental arrangements.
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