STOCKTON (CBS13) — If your rent is soaring in the city of Stockton, you’re not alone. Rents have grown faster in Stockton in the past year, than in any other city in the country.
Cindy Madrid is a recent retiree and a brand-new Stockton renter.
“Just looking for a rental was shocking,” Madrid said.
Madrid spent her career working for the county. She has a pension, but Stockton rents are rising so fast, she may move out.
“I couldn’t believe the cost,” Madrid said.
According to RENTCafe, Stockton has the fastest-rising rent in the country at 10.6 percent over the last year. It topped Colorado Springs, Buffalo, Reno, and Sacramento. Modesto finished ninth, putting Stockton, Sacramento, and Modesto all in the top 10 fastest-rising rents among U.S. cities.
“You know that’s a sign that the pressures aren’t just local in nature but they’re really more regional and connected to this larger regional economy,” University of the Pacific economist Jeff Michael said.
Michael says Stockton’s number one ranking is a sign the city is rebounding from bankruptcy. It also shows that Bay Area sky-high rents are now impacting valley communities where developers aren’t building enough rental units.
“On the positive side, it does show growth. On the negative side, it’s a problem to have high-cost housing in a community that isn’t necessarily high-income,” said Michael.
Stockton’s homeless advocates say rising rents are putting more people on the streets. For Madrid, the rise in rents is putting her retirement years in California at risk — leading her to consider a move out of state.
“It’s amazing, it’s frightening, it’s sad,” Madrid said. “Born and raised in California, and I can’t even afford to live here.”