Santa Clarita rent growth increases for July, but at slower rate

New homes are under construction in a new development off of Lost Canyon Road in Canyon Country. Katharine Lotze/The Signal

A national study released this week indicates Santa Clarita’s rent growth rate from year to year is now at 4.1 percent, a slight decline from last month’s 4.9 percent.

Santa Clarita’s rate eclipses the state average of 2.1 percent, as well as the national average of 1.4 percent, but has decreased compared to last month, online renting platform Apartment List revealed Monday.

The July median rate for a two-bedroom in Santa Clarita is $2,564, and a one-bedroom is $1,995. This marks a $4 increase for two-bedrooms and a $3 increase for a one-bedroom from June.

Santa Clarita’s month-to-month rent change for July is at 0.2 percent, down by 0.04 percent, according to the site.

Only 21 of the 100 largest cities in America have seen rents fall over the past year, though an additional 24 saw modest gains of less than 1.0 percent, such as Santa Clarita, said Chris Salviati, an Apartment List housing economist.

Much of the SCV’s rent growth can be attributed to a general growth in population in the Los Angeles metro area. Salviati said he believed the L.A. metro as a whole would continue to see generally above-average rent growth throughout the year. He also confirmed Santa Clarita was among the more expensive cities in the L.A. metro, but the one area of L.A. County with a lot of new development.

In previous years, a two-bedroom was $2,445 in 2017, $2,341 in 2016, and $2,186 in 2015. Santa Clarita previously ranked at No. 72 in 2017, No. 45 in 2016 and No. 46 in 2015, with year-to-year growth rates of 4.4 percent, 7.1 percent and 6.9 percent for those respective years.

The average price of a one-bedroom in California this month was $1,450, while a two-bedroom was at $1,849.

Santa Clarita outranks other major California cities like Los Angeles, where a two-bedroom costs $1,748 and a one-bedroom costs $1,361. Its prices are much closer to San Francisco, where a two-bedroom costs $3,066 and a one-bedroom costs $2,440.


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