Central Valley ranked among country's most sought-after rental markets

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Thursday, July 7, 2022
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Research conducted by internet listing service RentCafe showed the Central Valley rental market remains one of the hottest in the U.S.

FRESNO, Calif. (KFSN) -- If you're in the market for an apartment, you know how difficult the search can be.

Research conducted by internet listing service RentCafe showed the Central Valley rental market remains one of the hottest in the country.

High housing prices and interest rates continue to keep more people from buying so they continue to rent.

"It's kind of surprising that we saw a lot of the California markets rate as high as they did in terms of competitive scores, vacant days, occupied, number of applications for renters," says Doug Ressler of Yardi Systems.

Miami-Dade County tops the list of most competitive rental markets in the US.

Renters there compete with 30 other people when a unit becomes available.

Among California areas, Orange County ranked 11th while the Central Valley came in the 14th position, with 15 prospective renters looking at the same available unit.

Yardi Systems gathers data for RentCafe.

Ressler notes people continue to move here from the Bay Area or southern California in search of lower housing costs.

Modesto was included in the Central Valley listing.

Ressler adds the lack of new apartment complexes limits choice for local renters.

RentCafe findings showed Valley apartments were typically filled 33 days after becoming vacant, and the occupancy rate has been as high at 97.6%.