High rents, low supply of affordable housing, and high costs of living have plagued California renters. Longtime renters have felt the financial pressures as rents have escalated in California cities.
Five California cities currently take the place on the top 10 highest rental rates as of June, 2018. These cities are San Francisco, San Jose, Los Angeles, Oakland, and San Diego.
We’ve also taken a look at other sources for rental rates which varied slightly. While this data is not reflective of the daily status of the rental market, it is an estimate of the overall United States housing condition.
California residents will finally have the chance to vote to expand rent control in cities around the state. Secretary of State, Alex Padilla, confirmed that the Costa Hawkins Rental Housing Act had gathered the sufficient number of signatures to qualify this measure for the November ballot.
The Costa-Hawkins Rental Housing Act mandates rent control for all apartment units occupied before February 1, 1995. The act protects a landlord’s right to raise rents to market rate once a tenant moves out. It also prevents cities from establishing rent control on units built after February 1995. Repealing this act can give cities new tools to protect affordable housing, but opponents argue it could worsen the crisis.
Take a browse at a few rent control updates in certain cities from the past year:
- Rent Control Update in Pacifica
- New Rent Control Ordinance Proposed by Glendale Tenants Union
- How Rent Control Works in San Francisco
- Tenant’s Rights Groups Assembles to Enact California Rent Control
- Block on Mountain View Rent Control Denied by Judge
“The Time for rent gouging by corporate landlords is coming to an end.”
This measure has been in the planning process for months. If the ballot measure passes, local lawmakers can put rent control regulations on single-family homes and condominiums. This would significantly increase the number of affordable homes in the market. This is not the first time a decision to repeal the Costa-Hawkins Rental Housing Act. The State committee rejected a bill to expand rent control for California cities earlier this year. The passing of this measure is not guaranteed.
In the meantime, renters should continue to be savvy while renting and saving. If you’re renting now but planning to eventually buy a home, burning 35 to 50 percent of your income each month on rent does not always feel like the best way to save for your future. In a traditional rental situation, you will never see a penny of your rent come back to help you in the future. Instead of building equity in a home you own, you get short-term convenience at a steep price.
Poplar Homes is pioneering a new way to rent with the launch of a first-of-its-kind product named Poplar StreetCred. When you sign up for Poplar Street, you can earn 20 percent back on each month’s rent payment as a credit towards buying your first home. By saving a portion of your rent for a future home purchase, you get the convenience of renting plus the tools to build equity in your future home purchase.
Start saving for your dream home
Move into a Poplar Home and earn back 20% monthly rent for a future home.