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."