Study Finds Sacramento Rent Rise Is Tops In The Nation
SACRAMENTO (CBS13) — Sacramento rent prices have soared in the last six months. A new study shows that the situation in the Capital city is leading the nation.
"The housing crisis is affecting more and more people," said Veronica Beaty with Sacramento Housing Alliance. "We don't have enough housing in Sacramento."
Beaty is working to change policy and get houses and apartments built.
"Sacramento County is facing a shortage of over 62,000 affordable housing units," said Beaty.
She and others face an uphill battle. Sacramento is leading the nation when it comes to rent rate increases.
According to a report by Apartment List, Sacramento residents have seen rental rates rise by 9.4 percent in the last six months. That number is double the California average of 4.5 percent and more than triple the national average of 3 percent.
"We see a lot more people moving to Sacramento and that's just driving up rent prices in the area," said Sydney Bennet, a research associate with Apartment List.
Bennet says a lack of supply, people moving from the Bay Area, and summer buying season have contributed to the sharp rise.
"If you have job growth like Sacramento is seeing and people moving from elsewhere without building enough new homes then you really see rent skyrocket," said Bennet.
More people, slashed funding for affordable housing and a roll back of regulation requiring low-cost units are what Beaty says have led us to this point over the years.
"That problem is not going away anytime soon, in fact, it's going to be worse, and we need to prepare for that," said Beaty.
Beaty says they're working to restore past funding cuts are exploring ways for more local funding for affordable housing. She suggested that a tax increase may be necessary.
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