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Housing in Stanislaus County
Investigating how renters and homebuyers are making it work as the cost of living rises in Stanislaus County.
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Note to readers: Modesto is facing a housing affordability and availability crisis. The Modesto Bee is investigating how renters and home buyers are making it work as the cost of living rises in Stanislaus County. Local journalism like this matters. And your support makes it possible. Subscribe by clicking here.
▪ ▪ ▪The cost of renting an apartment in Modesto and Turlock continued its climb in July, but some analysts believe rental increases will level off the rest of this year.
In July, the average rent for apartments in Modesto was $1,223 a month, up from $1,215 the previous month, or a 0.7% increase, according to a survey of Central Valley rental properties by RentCafe. The online service tracks market-rate apartment complexes that have 50 apartment units or more.
Turlock saw a 0.6% increase to $1,258 a month.
The rentals costs in Stanislaus County were still below the national average of $1,469 a month. Citing a Yardi Matrix survey, RentCafe estimated that renters across the country are paying about $50 more per month than last year.
A local housing shortage, coinciding with the state’s affordable housing crisis, has caused escalating rental costs in Modesto, where the average apartment rent has gone up more than 50 percent since late 2013.
In the Central Valley, the rents are most expensive in Davis, averaging $2,169 a month in July, followed by Tracy at $1,903.
The average rent last month was $1,191 in Stockton, $1,401 in Sacramento, $1,098 in Atwater and $1,046 in Merced.
According to RentCafe, the smallest month-by-month increases were recorded in July, which is “a clear signal the peak rental season is nearing its end.”
Theoretically, there is market pressure for sharp rental increases in spring and early summer because it’s when the most people are shopping for apartments. If the pattern recorded in 2018 is repeated this year, rental increases won’t be as steep the remainder of this year.