Having trouble finding an apartment to rent in SLO County? Here’s why
If you’ve tried to find an apartment in San Luis Obispo County, you know how hard it is to find anything available or in your price range.
A new “Rental Competitivity Report” from housing data source RentCafe has the statistics to back up that experience: The Central Coast region is the third most competitive apartment market in California.
The report analyzed 137 rental markets across the United States, taking into account the number of days apartments were vacant, the percentage of apartments that were occupied, how many renters applied for the same apartment, the percentage of renters who renewed their leases, and the share of new apartments completed. It used that data to create a “Rental Competitivity Index” to measure each market.
Nationally, the Rental Competitivity Index score is at 60 out of 130, meaning the apartment market is moderately competitive, the report showed.
With a Rental Competitivity Index score of 81, the Central Coast region — which the study defined as Paso Robles, San Luis Obispo, Santa Barbara and 37 other cities in the region — was beaten only by San Diego and Orange County, which scored 82 and 86, respectively.
Central Coast apartments had an occupancy rate of 96.8%, indicating a stable, continuously occupied rental landscape, the RentCafe report said.
On average, there are 13 prospective renters per vacant apartment, the report said, indicating high demand.
In addition, more than half of apartment renters on the Central Coast — 51.6% — chose to renew their leases, adding fuel to the market’s competitiveness, the report found.
That said, vacant periods in Central Coast apartments were “slightly more extended” than most other California markets, averaging 46 days.
Where were apartment markets the most competitive in California?
Orange County, the most competitive apartment rental market in California, recorded a 95.9% occupancy rate during the current renting season, the report found.
Vacant apartments in Orange County were available just 43 days on average, and on average, there were 12 prospective renters per vacant apartment, the report found.
Orange County apartment renters renewed their leases 60% of the time, according to RentCafe.
San Diego’s second-ranked apartment rental market similarly sported a 95.9% occupancy rate, though lease renewals were lower than Orange County and the Central Coast at 49.5%, the report found.
San Diego renters also faced an average vacancy period of 38 days.
The Central Coast was trailed by Silicon Valley, which had a 95.6% occupancy rate, and a short average vacancy period of 36 days.
The region experienced frequent tenant turnover, with a 45.7% lease renewal rate and 13 prospective renters per vacancy.
Check out RentCafe’s Rental Competitivity Report at bit.ly/3rrXCIS to see where other cities and counties throughout California and the United States ranked.
This story was originally published July 14, 2023 at 8:00 AM.
