Santa Clarita rents see relative value

Rents may be higher in Southern California than most of the rest of the country, but Santa Clarita renters can take solace in getting close to the most bang for their buck in Los Angeles County.

The average price per square foot in Santa Clarita is $1.75, meaning the size of a $1,500 apartment is about 850 square feet, according to a study by housing economist Chris Salviati released Thursday. The figure puts

Santa Clarita in a similar bracket as Portland and Denver, whose price per square foot is $1.73 and $1.78, respectively.

Comparatively, Santa Clarita ranks lower in cost than Los Angeles, the Los Angeles metropolitan area average and most of California. The Los Angeles metropolitan area averages $2.42 per square foot, meaning $1,500 will get you 620 square feet. San Francisco rates the highest in the country with a cost of $4.40 per square foot— translating to a $1,500 apartment space that is only 340 square feet.

Figures from Rentcafe show the average rental price in Santa Clarita is $1,873—a two percent year-to-year increase— and the average size is 923 square feet. By comparison, the average rent in Los Angeles is $2,220 and the average size is 786 square feet. Los Angeles has seen rental prices increase 5 percent year-to-year.

“I think that’s a good thing for Santa Clarita residents,” said Jason Crawford, the city’s marketing and economic development manager, adding that the lower cost of living comparative to other areas of Southern California, plus the city’s nationally recognized schools, will continue to attract new residents.

Crawford said additional apartment complexes are being built across the city, including 46 apartments on the corner of Lyons Avenue and Main Street and at least 480 apartments as part of a complex at Vista Canyon off of Sand Canyon Road and the 14 Freeway.

“We are seeing more apartments coming online here in Santa Clarita. There’s definitely demand,” Crawford said. “Both of those projects will add more inventory to Santa Clarita in the next year and change.”

Crawford said additional housing is set to go into the West Hills and West Creek area as well as Sand Canyon Plaza, a mixed-use project on the northeast corner of Sand Canyon and Soledad Canyon roads that will include 580 residential units, 60,000 square feet of retail and restaurant space and an 85,000 square-foot assisted living facility with up to 140 beds.