Sacramento Rental Costs Match Major Cities

SACRAMENTO (CBS13) - Sacramento's now one of the most expensive places in the country to rent property, according to reports.

The medium-sized city ranked among major metropolitan areas like New York City and Washington, D.C.

"Sacramento the prices used to be a lot lower," said Jonathan Lee, a Sacramento-area realtor.

But since the pandemic began, Lee and his team say prices are through the roof.

"The rental prices are as much as a monthly mortgage actually," Lee said.

Apartment List, an online marketplace that tracks rental prices and listings, estimates apartment costs in Sacramento County increased by 14% in the last year – matching rental prices in major cities.

"People from the [Bay Area] are coming with a lot of cash," Lee said.

He explained the cash that didn't get those people very far while renting in San Francisco was now able to buy them property in Sacramento.

"We are seeing multiple offers, probably between 10 and 20 offers a house, on average. A lot of people are struggling to get their offers accepted. The best option next would be rental," Lee said.

And landlords are taking advantage. Lee says some are pushing out tenants, jacking up prices, and renting to people with more money.

"It used to be $1,200-$1,300 a month now it's $1,600-$2,000. It's driving a lot of people out of the city," said Chris Sklarski, of Sacramento.

"We've never seen the rental market this high," said Samantha Tov, a Sacramento-area realtor.