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July 23, 2014

Monthly rents hit record highs in Stanislaus County

Modesto, Turlock and Manteca had record-high apartment rents this spring

After remaining relatively flat for nearly a decade, apartment rents are on the rise in the Northern San Joaquin Valley, according to research by RealFacts.

Modesto’s average monthly rent in newer apartment complexes rose to a record $854 this spring, 4.3 percent higher than during the same months last year.

Turlock and Manteca also hit record highs for rent this spring.

But “high” is a relative term when it comes to rent. The Valley continues to be a bargain for renters compared with what apartments go for elsewhere in California.

The state’s average monthly price has reached $1,690, and rents have increased to an average $2,158 in the nine-county Bay Area.

San Francisco apartments continue to collect some of the highest rents in the world: an average $3,229 per month, 9.4 percent more than last year.

Merced and Sonora were among the few California cities where rents did not go up this spring. With average rents at less than $800, they have some of the least expensive apartments in the state.

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