Report: Stockton sees fastest growing rent in U.S. for a second month

Stockton's rent prices are going up

Sacramento is in the spotlight for rising rent costs, but a Central Valley city is stealing some of the attention.

Stockton still holds the number one spot for the fastest growing rent in the country, according to the May Rent Report by RENTCafe, a housing and apartment listing website

The Central Valley city claimed the spot back in April.

The April report showed rents in Stockton grew 11.2 percent over the year, more than Modesto and Sacramento both which also saw a spike in rent at 9.4 percent and 9.2 percent, respectively. In April, Modesto ranked 6th on the list while Sacramento sat at number 8.

For the month of May, Stockton rent growth dropped slightly with a 10.6 percent change, but held down the top spot. Sacramento jumped to number 5 and Modesto dropped to number 9 on the list.

During the month of April, Fairfield took the number 10 spot but dropped to number 12 in May.

California cities made up most of the rent-growth list in April with 11 of the top 20 cities located within the state. However, the Golden State only held 8 spots in May.

Sacramento has been watching rent prices rise with no signs of slowing over the past few years. The soaring rent is due to a lack of new housing units, as well as a boom in population, many who are Bay Area residents looking for more affordable living.

San Francisco, San Mateo and San Jose remain in the top 10 cities with the most expensive rent.

Rent in Sacramento, Stockton and Modesto are still below the average U.S. apartment rent which hit $1,316 in May. Rent in Stockton averages $1,030, in Sacramento it's $1,214 and in Modesto, $1,085.

© 2017 KXTV-TV


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