California topped a new list of cities with the largest apartment rent increases since 2018, placing three cities in the top 10.
Sacramento was No. 10, Long Beach No. 8 and Stockton No 2. in the Apartment Guide analysis.
Apartment Guide analyzed the U.S. Census Bureau’s 100 most populated cities and internal data of average entry-level apartment increases to find the 10 cities across the country where rent increased the most from the same period last year.
Newark, N.J. topped the list with a 30.16 percent jump. The average one-bedroom rent there is $2,004.73, according to the study.
Stockton had a 24.73 percent increase, to $1,349. 25.
Sacramento’s 10.7 percent rise put the average apartment rent in the capital city at $1,560.98, according to the listing.
Apartment Guide noted Sacramento’s art and restaurant scene and its proximity to Silicon Valley as reasons for the price change. Tech employees who have been priced out of the Bay Area have migrated to Sacramento, the study concluded.
Stockton had similar reasons for a jump in the rental market.
“Even though it’s Stockton’s first appearance on this list, it’s no surprise that the city made the No. 2 spot,” according to an article accompanying the analysis. “Why did its rent increase by an incredible 24.7 percent in 2019? The same reason Sacramento made this list—the tech crunch.”