Ouch. This hurts. Median rent rose faster in Sacramento during the past 12 months than in any other major U.S. metro, according to Hotpads, a subsidiary of tracking firm Zillow.com. And according to me, a renter.
Monthly median rent for a 2-bedroom apartment in the Capital City was $1,695 during the last 3 months, up 8.2% from the same period last year. That’s almost triple the rate of rental growth seen nationwide.
Why the jump? The lack of housing stock and an influx of residents from the Bay Area are to blame. And I doubt it’ll get better. The good news is Sac still costs less than many other California cities, for now.