Business

REPORT: Here’s how much rental prices rose in Citrus Heights over the past year

Sentinel staff report–
A new report released this month shows median rental prices rose by 4.8 percent in Citrus Heights over the past 12 months. That number outpaces California’s 0.3 percent increase in median rental prices, as well as Sacramento’s average increase of 1.9 percent, according to a February rent report published by Apartment List.

While rents in general have been on the increase, the report shows Rancho Cordova saw a drop of 11 percent over the past year, with average rental prices for a one-bedroom listed at $920 and a two-bedroom listed at $1,170. By comparison, the average rental price in Citrus Heights for a one-bedroom is listed at $1,110, while the median price of a two-bedroom rental is $1,410.

The report shows Citrus Heights rent is still lower than the neighboring city of Roseville, which saw a 4.1 percent increase in rent over the past year, with the median price of a one-bedroom listed at $1,300 and a two-bedroom at $1,650. North Highlands rent is slightly lower than Citrus Heights, with median rent for a one-bedroom listed at $1,060 and a two-bedroom at $1,340.

The most expensive rent across the state is in San Francisco, where the median rent for a two-bedroom is listed at $3,090, according to the report. The report found renters will still see more reasonable prices in the Sacramento area than in most large cities, including Seattle, which has a median two-bedroom rent of $1,650.

Officials and economists generally agree that the increasing cost of housing in California is a matter of supply and demand, with the solution requiring an increase in the housing supply. Several bills are pending in the state legislature that would ease restrictions on certain types of housing and enable developers to bypass zoning restrictions in some cases to expedite building projects.

Governor Gavin Newsom also campaigned on a goal to increase the housing supply across the state by 3.5 million units in the next seven years, and his budget proposal includes funding and incentives to help meet that goal.

Apartment List publishes monthly rent reports using median rent statistics from the US Census Bureau paired with rental listing data. The full report can be found at apartmentlist.com.

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