"California renters are finicky customers, changing apartments far more often than the typical American tenant. But when they find the right place, they stay longer than the national norm. That's what my trusty spreadsheet learned after reviewing RentCafe's second-quarter report on how tough it is to find an apartment in 136 U.S. markets, including a dozen from the Golden State. RentCafe stats follow rental patterns primarily at large complexes."
"Consider that 11 of the 12 California markets ranked among the 25 lowest renewal rates in the U.S. California was home to three of the five markets with less than half of all tenants reupping with the landlord: Central Coast (43%), Western Los Angeles County (44%), and San Francisco/North Bay (49%). And Orange County, at 62%, was the only California market near the 64% median renewal rate for the 124 other markets across the nation."
California renters change apartments more frequently than typical American tenants but, when they find suitable housing, often stay longer than the national norm. Eleven of twelve California markets ranked among the 25 lowest lease renewal rates nationwide, with Central Coast (43%), Western Los Angeles County (44%), and San Francisco/North Bay (49%) below half. Orange County recorded a 62% renewal rate, close to a 64% median for other markets. At mid-year 2024, California's median renewal rate was 53% versus 63% for the rest of the nation. Median length of stay across twelve California markets is about 35 months, notably longer than the 27-month median elsewhere. The split behavior likely reflects budget-related dynamics.
Read at The Mercury News
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