SACRAMENTO (CBS13) – A new report shows apartment rents in Sacramento are rising faster than anywhere else in the country. While renters are feeling a financial crunch, there are plans afoot to bring prices back down.
For the Densmore family, moving back to Sacramento is a dream come true. They left the city in 1999.
Little Laef will celebrate his fifth birthday this year in his mom’s hometown, but the family has been renting at an upscale midtown apartment building, while searching for the perfect place to buy. And the price is more than they expected.
“But Sacramento’s very up-and-coming right now, and that’s what we see absolutely everywhere,” said Maris Densmore.
One report shows Sacramento had the highest rent growth in the country, beating out Portland, Oakland, Seattle and Salt Lake City. Another report shows the dramatic increases year over year in average monthly rent in Sacramento. The increase in rent in Sacramento comes as San Francisco’s skyrocketing rents begin to decline slightly.
City planners point to Mayor Johnson’s housing plan to put 10,000 new units in the downtown core as one policy that could have an impact on stabilizing rents.
“Sacramento is where I want to be,” she said.
But for now, Sacramento’s rising rents are the welcome mat for this family’s homecoming. They’re paying a premium, but this is the place they want to be.
The new rental rankings come just ahead of a meeting of the city’s planning commission. We’ll find out if they’ll make any changes to the plan later this week.