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April 23, 2014

Apartment rents edge up in Valley, but not nearly as much as statewide

Apartment rents edge up in valley, but not nearly as much as statewide

Apartment rents have soared in California the past year, but not so much in the Northern San Joaquin Valley.

While the average rent statewide rose 6.4 percent to $1,636 per month this January, February and March, rents in Modesto rose only 2.5 percent to $831, according to RealFacts rental research.

So while California renters typically are paying $99 per month more this year than last, Modesto rents have increased just $21.

Modesto rents remained fairly flat from 2006 until 2013, RealFact statistics show. Example: Apartments in town rented for an average $809 in 2006.

Merced apartments remain among the least expensive in the state, with rents averaging $791 in January, February and March. That’s less than half the state average, and it’s only about $6 per month more than what Merced renters were paying a year ago.

Manteca is a different story. Rents there jumped 5 percent during the past year, and they now average $1,055, an increase of $50 per month. But that’s still a bargain compared to San Jose, where the average apartment rents for $2,197.

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