Rent for one-bedroom units in California's big cities dropped significantly; e.g., Oakland by 9.1%, San Francisco and San Jose by 1.7% and 2.3%, Los Angeles by 5%, Long Beach by 1.1%, and San Diego by 1.3%.
Population losses in the Bay Area and Los Angeles, along with high unemployment rates, contribute to declining rents. Crystal Chen from Zumper predicts that affordability issues will continue driving people away from major California cities.
While coastal cities in California are experiencing a population exodus, inland cities like Bakersfield and Fresno are seeing rent increases: 8% in Bakersfield and 12.6% in Fresno. Sacramento, a popular destination for Bay Area transplants, saw an 8.1% rent decrease.
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