SACRAMENTO (CBS13) — It’s a rent trend that may finally offer some relief in Sacramento.
Rapidly rising rents appear to be subsiding, even in San Francisco. A new rent trend is according to a survey published by Zillow on Thursday. It shows San Francisco rents dropped year-over-year for the first time in seven years.
Sacramento rents only increased 1.8 percent, a drop from the 6.5 percent increase in rents a year earlier. The same report shows the increase in Sacramento home values slowed, up 4.8 percent, compared to 8.4 percent a year ago.
“Everything is slowing down,” S&S Property Management owner Bill Shower said.
Shower manages 1,000 rental properties in the Sacramento region. He says one reason for the slowing trend, is more people leaving Northern California.
“We do see that, a lot going to Colorado a lot going to rural areas in California,” Shower said.
And Shower says rents dropping in San Francisco will mean rents eventually dropping in Sacramento too.
“It’s always three, four, five months behind,” Shower said. “But its coming.”
A change in real estate, stretching across Northern California. Whether renting or buying, finding a place to live may finally be a little easier.