Rents have soared for Modesto apartments since May 2021. Report tells by how much
Apartment rents continue to soar in Modesto, according to new data.
The average rent for a one-bedroom apartment jumped 21% in the past year to $1,535 a month, according to rent.com, rental.com, apartmentguide.com and their parent company, Redfin, which describes itself as “a technology-powered real estate company.”
The average cost of a two-bedroom apartment rose 24% since May 2021 to $1,795 per month. The average rent for a three-bedroom apartment increased 12% to $1,760 per month.
The data from the apartment listing websites shows 56% percent of the apartments rent for $2,101 or more per month, 29% rent for $1,501 to 2,100 per month, 12% rent for $1,001 to 1,500, and 3% rent for $701 to $1,000 per month. There were no listings below those price ranges.
This comes as home prices continue to climb in Modesto.
According to Realtor.com, the median home listing price in Modesto was $434,500 at the end of March, up from $425,000 in February. In March 2021, the city’s median listing price was $396,500.
Several hundred apartments recently have been built, are under construction, or construction is expected to start this year for several projects in northwest Modesto. But these are all higher-end, market-rate apartments.
