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Around Pleasanton: New report shows our rents among highest in country

 

Rents in Pleasanton are up 3.7% over the past year, giving the city the 13th fastest growth rate among the nation's similar-sized cities, according to Apartment List Rentomics, an online data-driven research group. Compared to other cities in California, it also continues to be one of the least affordable for renters.

Chris Salviati, a housing economist at Apartment List, said that since 2014, rents in Pleasanton have grown by 31.5%, outpacing the national average of 12.7%. The median rent for a two-bedroom apartment here is now $3,760, compared to the national average of $1,175. The average rent for a one-bedroom apartment currently stands at $2,990.

According to Apartment List, Pleasanton rents have increased 0.7% over the past month and have increased moderately by 3.7% in comparison to the same time last year.

This is the fourth straight month that the city has seen rent increases after a decline in November of last year. At 3.7%, Pleasanton's year-over-year rent growth leads the state average of 1.1%, as well as the national average of 1.3%.

Throughout the past year, rent increases have been occurring not just in Pleasanton, but across the entire Bay Area. Of the largest 10 cities that San Francisco-based Apartment List studies, eight have seen prices rise.

Concord also saw a fast rent growth, with a year-over-year increase of 3.6%. The median two-bedroom there costs $3,150, while one-bedrooms go for $2,510.

Over the past month, Daly City had the biggest rent drop in the Bay Area, with a decline of 2.0%. although still expensive, median two-bedrooms there cost $3,220, while one-bedrooms go for $2,560.

Oakland has the least expensive rents in the Bay Area, with a two-bedroom median of $2,260; rents grew 1.0% over the past month but decreased 0.2% over the past year.

Salviati said that San Mateo has the most expensive rents of the largest cities in the region, with a two-bedroom median of $4,400. Rents increased 0.2% over the past month and 2.8% over the past year.

California as a whole logged in a rent growth of 1.1% over the past year. For example, rents have grown by 2.5% in San Jose, 0.9% in Los Angeles and 0.7% in San Diego.

Nationally, according to Salviati, rents have grown by 1.3% over the past year compared to the 3.7% increase in Pleasanton.

While Pleasanton's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix, also up 3.7%; Austin, up 3.1%; and Washington, D.C., up 1.6%.

Even so, renters will generally find more expensive prices in Pleasanton than most large cities. For example, Phoenix has a median two-bedroom rent of $1,070, some 3-1/2 times cheaper than the rental cost for that size apartment in Pleasanton.

In analyzing the reason for high apartment rents in Pleasanton, Apartment List researchers noted our city's many attributes, including having one of the best farmers markets in California, a wide range of good shops and convenience stores, and lots of community events.

Their report added that Pleasanton is very ethnically diverse with around 22% of people born outside the U.S., "which adds to the rich culture of the city."

People come here for the neighborhoods and as somewhere to bring up a family, the report states.

"With the Diablo National Park on the doorstep and some of the largest cities in California within an hour's drive, there are great places to spend leisure time, too," Salviati said. "Pleasanton feels like a city of timeless quality and warm welcomes."

"In short," he added, "Pleasanton feels just -- well, pleasant to be there."

Editor's note: Jeb Bing is editor emeritus for the Pleasanton Weekly. His "Around Pleasanton" columns typically run on the second and fourth Fridays of every month.

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Comments

8 people like this
Posted by Mike
a resident of Val Vista
on Apr 13, 2019 at 11:32 am

The high cost of living in Pleasanton can be directly traced to the low growth policies of our local government and the NIMBY attitudes of the people who live here. Pleasanton needs to change. We need more housing and yes high density is the only way supply will ever meet demand. The state of California's legislature needs to pass a statewide ban on low growth laws, eliminate the ability for citizens to sue to stop landowners from developing property (if you want to stop a development buy the land at fair market + lost profit and designate it in a land trust) and streamline permitting processes for high density housing stopping cities from even being able to vote up or down.


7 people like this
Posted by Annoyed
a resident of Another Pleasanton neighborhood
on Apr 13, 2019 at 12:42 pm

I thought the reason for all the building was to provide “affordable” housing? Our infrastructure can’t handle it. Waste water treatment plant is at capacity. Think, people, before you vote for those projects! No new schools, bad roads, heavy traffic....build responsibly.


Like this comment
Posted by sjd
a resident of Livermore
on Apr 13, 2019 at 4:54 pm

"all the building"

The number of housing units per year in CA is half of the average of the 60s, 70s, 80s, and 00s.

CA ranks 49th in per capita housing units and near the bottom of per job housing units.

Schools will only get worse because of Prop 13 if you stay the current course.


6 people like this
Posted by Michael Austin
a resident of Pleasanton Meadows
on Apr 13, 2019 at 6:16 pm

Two-bedroom apartment in Pleasanton for $3,760 is consistent with the median income in Pleasanton.

Median income 2005 in Pleasanton was $101,000.
In 2007 median income in Pleasanton was $113,000.

Based on that analysis the median income 2019 in Pleasanton is conservatively estimated at $150,000.

That tends to indicate two-bedroom apartment in Pleasanton for $3,760 is affordable housing.


2 people like this
Posted by DreamBigly
a resident of Valley Trails
on Apr 16, 2019 at 12:36 pm

I always wanted to live in Martha’s Vineyard during the summers but it gets too darn expensive. Perhaps the good people of Mass can build more affordable housing so I can move there without a job that allows me to afford it there?


Sorry, but further commenting on this topic has been closed.

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