The difference in rental prices between high and low-cost cities in California has shrunk by 22% since 2017. Rents in the state's priciest cities have grown by 11%, while more affordable areas saw a 35% surge.
The shift in rental pricing trends in California is linked to people moving from expensive coastal cities to more affordable inland areas due to remote work flexibility and a general preference for less costly living.
In Southern California, traditional low-cost markets like Riverside and Moreno Valley have seen significant rent increases of 48%. Pomona in L.A. County saw a 31% rise, while Long Beach experienced a 17% climb.
California's statewide average rent in March 2024 was $2,154, making it the second most expensive in the nation after Hawai'i. The national average rent was $1,402, significantly cheaper than California.
#california-rental-prices #affordable-housing-trends #remote-work-impact #southern-california-rental-market #housing-affordability
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