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Housing Shortages and Rental Prices in California

  • Writer: Debora Sanders
    Debora Sanders
  • Sep 28, 2022
  • 2 min read

Updated: Sep 29, 2022


I just attended the Monterey Peninsula Chamber of Commerce Annual Leadership Luncheon. We had many of the local mayors, supervisors and Both State Senator Laird and Congressman Panetta. Across the board, the 2 biggest topics for the panelists were WATER and HOUSING.


The Peninsula is challenged with a lack of “affordable” housing for many of our hotel workers, our teachers and our agricultural workers. We are also challenged with drought and water shortages. In order to solve our housing issue, we need to build more housing but to do that, we need water! The panelists all face the same issue and agree that they must work together to find solutions. A desalination plant seems to be the answer but there are many obstacles that need to be resolved and in the meantime, rental inventory is low, demand is high and rental prices continue to rise.


According to Realtor®.com’s August Rental Report, Americans spent more than one-quarter (26.4%) of their monthly budgets on rents in August, on average. Here are the August average rental rates for studios/1 bedroom/2 bedroom in California metro areas:


Monterey County:

  • Studio apartment - $2,112

  • One-bedroom - $2,194

  • Two-bedroom - $2,675

  • Three-bedroom - $3,790

  • Four-bedroom - $4,144

San Diego-Carlsbad:

· Overall Median Rent - $2,888

· Studio Median Rent -$2,339

· 1 BR Median Rent - $2,719

· 2 BR Median Rent - $3,221


San Francisco-Oakland-Hayward:

· Overall Median Rent - $3,134

· Studio Median Rent - $2,629

· 1 BR Median Rent - $2,860

· 2 BR Median Rent - $3,665


San Jose-Sunnyvale-Santa Clara:

· Overall Median Rent - $3,353

· Studio Median Rent - $2,675

· 1 BR Median Rent - $3,111

· 2 BR Median Rent - $3,780


Sacramento-Roseville-Arden-Arcade:

· Overall Median Rent - $1,955

· Studio Median Rent - $1,550

· 1 BR Median Rent - $1,788

· 2 BR Median Rent- $2,065


Los Angeles-Long Beach-Anaheim:

· Overall Median Rend-$2,945

· Studio Median Rent-$2,345

· 1 BR Median Rent-$2,716

· 2 BR Median Rent-$3,434


Source: https://news.move.com/2022-09-22-Realtor-com-R-August-Rental-Report-Americans-Spend-26-of-their-Incomes-on-Rents

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Debora Sanders is a real estate salesperson licensed by the state of California affiliated with Sotheby's International Realty. Sotheby's International Realty is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of real estate brokerage.

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