“how expensive?” California’s fully ineffective housing market measurement track.
Pain: There are three most difficult places in the country to be an apartment hunter in California.
Source: Rentcaf looks regularly on a large tenant challenge: finding empty units to consider. The apartment listing service has rate large fare markets on “competition” based on Yardi Matrix data for the apartment complex. Those statistics include vacancy rates, how long units remain empty, how many potential tenants see an apartment and how many current tenants renew their leases.
Pinch
The Orange County 2024 was the most difficult place in California to find a rent in the beginning of 2024. The apartment fans were faced with an average vacancies lasting about 40 days with a full (96%) complexes and got 11 looks. And 60% OC tenants are kept and signed a new lease. A year ago, OC ranked No. 2 as a statewide position.
On a national scale, the Orange County was the 11th good market to find the rent.
Last year’s number 1 market fell on San Diego, No. 2. It was filled 95%, with vacancies for 38 days and 9 was renewed as 50% tenants. It ranked 18th at the national level.
The third-tafest California market was Silicon Valley, above the fifth in 2023. Its units are filled 94%, with nine looks in vacancies for 37 days, which show 47% of renovation of tenants. It is ranked 20th in America
By the way, the five most competitive American markets were Miami, Milwauki, North New Jersey, Suburban Chicago and Grand Rapids, Mich.
Pressure –
Other California markets were tracked, ranked by 2024 competition …
Number 4 Eastern Los Angeles County: 96% complete; In 43 days of vacancies, 14 people appear as renewal of 48% of tenants. Years ago? Number 4.
Number 5 Central Valley: 96% complete; Vacancies in the last 40 days, 8 looks as 53% renewal. Years ago? Number 7.
Number 6 Central Coast: 97% complete; Vacancies for the last 40 days, 9 appear as 46% renewal. Years ago? No. 3.
Number 7 Sacramento: 95% complete; Vacancies in the last 44 days, 8 appears as 52% renewal. Years ago? number nine.
When. 8 North La/Ventura County: 95% full, vacancies in the last 46 days, 9 appears as 48% renewal. Years ago? Number 8.
Number 9 San Francisco Peninsula /North Bay: 93% complete; Vacancies in the last 42 days, 6 appear as 45% renewal. Years ago? Number 12.
Number 10 Inland Empire: 94% complete; Vacancies in the last 48 days, 9 appears as 51% renewal. Years ago? Number 6.
Number 11 Western Los Angeles County: 93% complete; Vacancies in the last 43 days, 8 appear as 38% renewal. Years ago? Number 10.
Number 12 East Bay: 94% complete; Vacancies for the last 43 days, get 7 looks, 45% as renewal. Years ago? Number 11.
Jonathan Lensor is a trade columnist for the Southern California News Group. Can be reached on it [email protected]