Santa Ana and Long Beach were among the 10 cities nationwide with the steepest rent increases in February over January, according to data from Apartment List.
Santa Ana rents spiked 3.4 percent that month; Long Beach rents rose 2.6 percent. That compares with a national rent hike of 2.4 percent.
The picture is slightly different when comparing February rents with those a year earlier: Santa Ana rents were actually down 1.2 percent, while Long Beach rents were a whopping 7.8 percent higher. Nationally, February rents were up 0.7 percent over the previous year.
Santa Ana median rent for a two-bedroom apartment in February was $1,910. Long Beach rent for a two-bedroom was $2,100.
California cities dominated the top four slots in Apartment List's ranking of cities with the fastest month-over-month rent growth, the site reported:
Notably absent from the list are the Bay Area hubs of San Francisco and San Jose; as discussed below, these cities have seen rents leveling off and even declining in recent months, and it seems that California’s affordability crisis is now beginning to extend out to its more affordable metros.
Sixty percent of Long Beach residents are renters, and nearly a third of renters pay more than half their income on housing, the Long Beach Press-Telegram reported.
The steep Long Beach rent increase results from several factors, the newspaper reported:
The overall rent increase partly reflects construction of new apartment complexes that are offering lots of amenities and charging pricey rates for leases, said John Keisler, economic and property development director for Long Beach.