ROSEVILLE, CA—Multifamily rents in Sacramento have been among the fastest rising in the country during the last two years but another Sacramento metropolitan area city follows suit, according to the latest apartment rent report from RENTCafé. The average rent for apartments located in large-scale buildings in Roseville have increased by 8.5% year-over-year, propelling this city of about 130,000 residents into the top 10 with highest US rent increases at the start of this year.
The national average rent was $1,361 in January 2018, 2.8% higher than this time last year. Small markets continue to record the greatest increases, with Gilbert, AZ (8.5%), Roseville (8.5%) and Fort Collins, CO (7.9%) breaking the top 10, GlobeSt.com learns.
Roseville had the same annual increase as neighboring Sacramento, although the average rent in Roseville, $1,603 per month as of January 2018, is well above the $1,287 average rent in the capital, according to rent data collected by Yardi Matrix. The cost of rent in Roseville is 48.7% higher than 10 years prior, compared to a 24.8% increase in the national average rent.
The average rent in Roseville ranges from $1,115/month for studio apartments to $1,940/month for three-bedroom apartments. One-bedroom units had the highest year-over-year increase of 9% and three bedrooms had the slowest increase of all unit sizes, 6.9% during the year.
Roseville has built only about 600 new rental apartments (in large-scale developments of 50-plus units) in the last 10 years. It currently has a limited inventory of about 8,500 rental apartments and too few units under construction to meet the current housing demand in the area, GlobeSt.com learns.
Commercial Café's monthly rent report has data compiled from actual rents charged in the 250 largest US cities. In January, 89% of the nation's biggest cities have recorded rental growth, while only 2% experienced rent drops year-over-year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
