Uptick in Stanislaus apartment rental rates

Asking prices up a tad, but same as 5 years ago

jnsbranti@modbee.comJuly 24, 2013 

Stanislaus County apartment rental rates edged up a tad this spring, but they're still about the same they were five years ago.

The average asking price for Modesto apartments this April, May and June was $818 per month, which was a mere $6 more than it was in 2008, according to data from the RealFacts research firm.

Turlock prices averaged $839 this spring, just $7 more than five years ago.

Statewide, by contrast, average apartment rents have climbed more than $150 per month since 2008. California rents jumped again this spring to $1,580 per month. That's 93 percent higher than what's typical in Modesto.

Rents in Modesto and Turlock may decrease during the next few months after two large government-financed housing projects open and begin competing for tenants.

Taxpayers are bankrolling construction of 76 new apartments in Modesto at a construction cost of about $284,000 per unit. The $20 million Archway Commons project is expected to open in October.

This summer in Turlock, the government-funded Avena Bella apartments will open at a cost of $19 million, which is a construction cost of $237,500 for each of its 80 units.

The median-priced single family home in Stanislaus, by comparison, sold for $175,000 last month.

Both Archway Commons and Avena Bella will offer taxpayer-subsidized housing to low-income renters.

Bee staff writer J.N. Sbranti can be reached at jnsbranti@modbee.com or (209) 578-2196.

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