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Sentinel staff report–
A new report released this month shows median rental prices rose in Citrus Heights over the past 12 months by 10.8% percent, but dropped significantly elsewhere.
Unlike in prior years when rental prices tended to rise consistently across the state, 2020 saw various areas of California where rent prices fell, according to a January 2021 rent report published by Apartment List.
San Francisco saw a more than 25% drop in median rent prices, and other big cities like Seattle and New York City saw similar drops in price. In a Dec. 25 New York Times article titled “The Real Estate Collapse of 2020,” analysts attributed the drop in prices to the coronavirus pandemic, which led to a shift in demand away from big cities and more towards suburbs.
The median rental price in Citrus Heights for a one-bedroom is currently listed at $1,422, while the median price of a two-bedroom rental is listed at $1,589, according to Apartment List’s latest report.
By comparison, historical data shows average rents in Citrus Heights in 2014 were $787 for a one-bedroom, $998 for a two bed-room and $1450 for a three-bedroom rental.
A review of January listings shows cheaper rents can still be found in Citrus Heights, with the lowest price being a currently pending two-bedroom apartment on Tiara Way for $1,150. On the higher end, a similarly sized apartment in Creekside Colony on Kingswood Drive is listed at $1,674 per month.
The Sacramento region still boasts significantly lower rental rates compared to cities like San Jose, Oakland, and Long Beach, where median rents for a two-bedroom are still around $2,000 per month, despite some decline in 2020.
Nationally, rents dipped an average of 1.5%, but the rate of change varied dramatically between big cities and suburbs.
Analysts with Apartment List cite evidence “that a growing embrace of remote work will outlast the pandemic,” meaning the impact on rental prices could continue beyond 2020.
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. See national comparison data here.
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