Rent sees 4 percent increase
A recent study shows that while rents in Santa Clarita have declined over the past month, they have risen by 4 percent when compared to last year.
The report, by Apartment List, Inc., was released earlier this month and tracks rent growth, median prices and market trends in Santa Clarita for December. Data also includes comparisons to cities throughout the metro, state and nation.
When compared to November data, rents have declined 0.5 percent, “but are up significantly by 4.0% in comparison to the same time last year,” the report reads.
“There may have been a slight dip in rents this month due to the holiday season, however, rents overall are still higher over last year,” said Amanda Etcheverry, the 2019 Chairperson for Southland Regional Association of Realtors for the Santa Clarita Valley Division.
The city has seen the fastest rent growth in the metro, with a year-over-year growth that leads the state
average of 1.4 percent and the national average of 1.3 percent.
Etcheverry said this simply comes down to supply and demand. “There is currently a lack of supply, and yet we have a high demand,” she said. “Which in turn, is going to keep rental prices high. If we create more housing, there will be more options, therefore prices should level out to be more realistic.”
The demand for housing has remained high across the state, which has also played a role in only rents but also for the sales of homes and condominiums. Dean Vincent, former chairman of the SCV Division of the association said while the demand is high, “any increase in inventory will ease upward pressure on prices.”
Latest data shows that median rents in Santa Clarita mark $2,020 for a one-bedroom apartment and $2,600 for a two-bedroom, according to the report.
These figures indicate that Santa Clarita is less affordable for renters when compared to most large cities across the nation, which some have seen rents grow modestly or even decline. In a chart with 10 Southern California cities, Santa Clarita had the second highest rent for a median twobedroom, with Irvine at $2,710. Los Angeles fell at $1,760.
To put it in perspective, the city’s $2,600 median two-bedroom rent is above the national average of $1,180, with a rent increase of 2.7 percent less than Santa Clarita’s percentage.
“Renters will generally find more expensive prices in Santa Clarita than most large cities,” the report said.