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More rentals on the Central Coast available in 2024

September 27, 2024

By KAREN VELIE

Contrary to most California markets, there are more rentals available on the Central Coast this year compared to 2023. The additional rental units have led to fewer prospective renters vying for each property.

While the market remains competitive, RentCafe’s latest data shows some easing in key metrics during this peak rental season:

  • More apartments available: 96.4% of apartments are occupied, down from 96.8% in 2023, indicating a small increase in available units.
  • Competition between renters softens: 15 prospective renters are vying for each available unit, down from 17 in 2023, representing a slight decrease in competition.
  • Longer decision-making window: Average vacant days have increased to 42 from 38 last year, giving renters more time to make decisions.
  • Fewer renters staying put: The lease renewal rate has dropped to 45.5% from 50.5%, potentially opening up more units for new renters.
  • Increased new supply: New apartment supply has significantly increased to 0.66% from 0.15% last year, offering more options for renters seeking new, modern units.

RentCafe is a nationwide apartment search website.

 


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From what I’ve seen, there are more families moving in together. More sharing homes, setting up bedrooms in living rooms…Sharing outrageous rent! What they should do is see if there is an uptick in Bunkbed sales!

In ’98 I rented a 2400 sq ft home in MB for $1300, which also had a rental studio over the garage!


1

Too bad they are priced out of reach…. In 1987 I rented a 2 bedroom 2 bathroom home with a garage in Morro Bay for $565 a month… today that same home rents for $3200 per month….


17

Wow an increase of 566 percent in 37 years 15.3 percent per year, what a return.


4

That is not how it works. 15.3% per year for 37 years would be about 19,400% total increase, resulting in a current rent of $110,000.00 per month. Actually, the average annual rate for this scenario is about 4.8%. Not out of reason at all.


1

You are correct sir, I didn’t consider compounding.


1

LOL for what over priced, over managed so called “Luxury Apartment’s”? Since Paso’s promise of a so called cap at only 325 STR’s… We are at way over 400! They went against the citizens board committee recommendations and have since just ignored every thing they stated they would will allow. They pushed working class family’s out of this community, mass Eviction’s on the basis of renovation, then a STR ended up the final result. Why are more and more permits handed out? When the council promised only 325? You have pushed kids from schools they went to for years, neighbors are now a new group from only god knows where every night and expect to be proud to build horse shit over managed over priced apartments. They took house’s from family’s and act proud.


24