Towards the end of 2013 rental rates began to stabilize. Unlike home prices, we saw an increase in rates of approximately 10% since 2012 rates. We are experiencing a shortage in available rental units, supply is not keeping up with demand. This shortage is driving up rental prices, and the improved Bay Area job market is putting rental housing more in need.
As to be expected, when we experience shortage, the lack of availability increases the rates. The average monthly rental prices in Contra Costa County was $1,514 for 2013.
For more information about the rental market visit: http://realfacts.com. If you found this post helpful, please pass along or share this information by liking, +1, or tweeting the post.