The top rental markets in California are Los Angeles, San Diego, San Jose, San Francisco, Oakland, Long Beach, Sacramento, Bakersfield, Fremont, Redondo Beach, Chula Vista, Fresno, Anaheim, and, finally, North Hollywood.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
California Rental Trends:
California is the state with the largest population, many of which are renters. While California is commonly known as an expensive state to live in, its population growth isn’t slowing down anytime soon which makes it a great place for property investors. Here are some highlights from the top rental markets in the Golden State:
Days on Market:
The city with the lowest number of days on market is Anaheim at only ten days compared to Sacramento and Fresno who both tie for the highest number of days on market at 19. Both the highest and the lowest are within a close distance with the national average of 15 days on the market.
The top three towns for the largest amount of leads per listing far surpass the national average of 38. Here they are:
- Anaheim – 96 leads per listing
- Fremont – 84 leads per listing
- Bakersfield – 66 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Bakersfield comes below that with the lowest average rent of $917 for a two-bedroom compared to the highest rent in California at $4,128 in San Francisco.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. California’s highest median sale price comes far above that at around $1.3 million in San Francisco with its lowest median sale price lower than the national average at $251,000 in Bakersfield.
California’s median income rings in at $57,190 – more than the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in California cities between 2018 and 2019. With the largest being an increase of 38.89% in Redondo Beach at $2,500, and the largest decrease in Long Beach at -24% with the current average at around $1,500. Both are more than the national average for security deposits which is around $1,200.
The cities in California with the highest livability scores are Fremont and Redondo Beach – both of which clock in at 80!
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Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.