SF bay area apartments / housing for rent "monterey ca" - craigslist (2024)

FAQs

Why is it so hard to find a place to rent in California? ›

The Housing Crisis Effect

The shifting rental market is rooted in the recent housing crisis. Single-family homes that were once owned by the people who lived in them are now being rented out, which used to be fairly uncommon. There were 138,000 single-family homes for rent before the recession.

The demand for housing in the Bay Area greatly exceeds the supply. It is that simple. The cities surrounding San Francisco Bay have lots of high paying jobs, a great climate, lots of urban and natural amenities nearby, and the urban/suburban area is extremely confined by geography.

Higher interest rates mean significantly larger monthly mortgage payments for landlords, a financial pressure that often finds its way to tenants in the form of higher rents. Property owners, facing tighter margins, have little choice but to adjust rental prices upwards to maintain their investments' viability.

Buzz: Silicon Valley ranks as the hardest spot to find an apartment in California, with western Los Angeles County scoring as the easiest.

According to a recent report by Apartment List, as of August 2023, San Francisco's rents have decreased by over 4% compared to the previous year, and the entire Bay Area has experienced a dip in prices. Despite the overall stability, some areas are witnessing revitalization, while others face challenges.

"San Francisco tops the list in the Bay Area at $131,000," Rebecca Sowell with Consumer Affairs said. "That's the minimum income in order to live a comfortable lifestyle."

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

Declining rents in major California cities

Oakland and Sacramento saw the most significant drops, with rental rates falling by 9.1 percent and 8.1 percent, respectively. Other cities such as Los Angeles, San Jose, San Francisco, San Diego and Long Beach also saw declines, albeit to a lesser extent.

What is the maximum rent increase in California in 2024? ›

Rent increases for properties subject to the Rent Stabilization Ordinance are prohibited through January 31, 2024, with a 4% increase approved from February 1, 2024, to June 30, 2024.

The imbalance between supply and demand resulted from strong economic growth creating hundreds of thousands of new jobs (which increases demand for housing) and the intentional, NIMBY-caused illegality of new housing units to meet demand.

At a glance: What a landlord cannot do in California in 2024

The Tenant Protection Act caps rent increases for most residential tenants in California. Landlords can't raise rent more than 10% total or 5% + CPI increase (whichever is lower) over a 12-month period.

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.