Breaking News
More () »

Sacramento experienced the fastest growing rent in the nation in 2017

Sacramento's rent grew at more than double the national pace.
<p>Eviva Midtown will open in a few months and is near the Capitol. </p>

It may be a new year but the rising rent in Sacramento isn't changing,

In fact, California's Capitol experienced the fastest growing rent in the country in 2017, according to Apartment List, a real estate site which analyzes apartment data.

Sacramento's rent went up 11 percent compared to the same time last year. This is significantly more than California's rent growth of 6.5 percent over the past 12 months. Rent growth in the U.S. was nearly four percent over the past year, meaning Sacramento's rent grew at more than double the national pace.

Analysts also found, Sacramento's rent went up 1.4 percent just over the past month.

The median rent for a one-bedroom apartment in the city is currently $950 while a two-bedroom will set you back $1,210, according to Apartment List.

However, Sacramento still remains more affordable than other cities in California such as San Francisco which has a median two-bedroom rent of $3,140. However, no other major city in California experienced nearly as large of a spike in rent price like Sacramento. It's the only city that saw year-over-year rent growth above the state average.

Las Vegas and Jacksonville saw increases as well, at five percent and 4.5 percent respectively, but the cities still fell below the national median.

Other smaller cities within the Greater Sacramento area also experienced skyrocketing rent growth in the past year. North Highlands saw an 11.2 percent increase in rent while Citrus Heights experienced an 11 percent spike. Folsom's rent grew by 10 percent over the past year.

ABC10 reached out to Apartment List to find out more about what the rent projections are for 2018.

Analysts expect Sacramento to continue to experience some of the fastest rent growth in the nation in 2018, although prices may slow from 2017, according to Sydney Bennet, senior research associate for the site.

"The rapid growth in Sacramento renter population, due in part to an increase in educated workers, will continue to put pressure on the limited housing stock driving up prices." Bennet said in an email to ABC10. "Additionally, the growth in the high-income renter population may push out low-income Sacramento renters."

From 2005 to 2015, the share of high-income renters in Sacramento increased by 2.6 percent, while the share of low and middle income renters fell by 2.1 percent and 0.5 percent respectively, according to Bennet.

Before You Leave, Check This Out