December 2023 Report from Rent.com Highlights Varied Rental Market Shifts
Rent prices in California’s major metropolitan areas experienced a year-over-year decline, with the exception of Los Angeles, according to data from Rent.com as of December 2023.
Sacramento witnessed the most significant shift, with rents plummeting over 6.5% to a median of $2,537 per month. In the Riverside metro area, rent prices also saw a notable decrease, falling by more than 3.5%. Meanwhile, San Francisco and San Diego reported smaller declines.
Contrary to the statewide trend, Los Angeles observed an increase in rent prices, with median rents reaching $3,515 per month in December—marking a 4% rise compared to December 2022.
Analyzing the broader picture, the median rent across California stood at $2,941 per month, showing relatively stagnant growth over the preceding year. Rent.com compiled this data from its available inventory, aggregating all bedroom types into a single median price.
Here is a breakdown of median rent and year-over-year percentage changes in California’s key metro areas:
- Los Angeles, CA: Population 12,997,353, Median Rent $3,515, YoY % Change 4.06%, MoM % Change −2.25%
- San Diego, CA: Population 3,286,069, Median Rent $3,270, YoY % Change −0.24%, MoM % Change −2.52%
- San Francisco, CA: Population 4,623,264, Median Rent $3,631, YoY % Change −1.06%, MoM % Change −0.68%
- Riverside, CA: Population 4,653,105, Median Rent $2,575, YoY % Change −3.74%, MoM % Change −3.54%
- Sacramento, CA: Population 2,411,428, Median Rent $2,537, YoY % Change −6.65%, MoM % Change 1.95%
Looking beyond California, the state did not rank among those experiencing the most significant rent increases or decreases. States like Mississippi, New Hampshire, Michigan, Minnesota, North Dakota, and Kansas witnessed double-digit rent hikes, while Florida, Idaho, and Oregon recorded the steepest declines, according to Rent.com.
On a national scale, the median monthly rent was $1,964 last month, slightly below 1% from December 2022, as reported by Rent.com.
