Local Rents Hits New High In Coachella Valley

Dated: 06/06/2018

Views: 661

What's The Palm Springs Area Rental Market Like?

- How is the rental market in Coachella Valley? - 


High demand and low vacancies continue to drive rents higher for Southern California apartments, condos and houses this year. And Cochella Valley is not an exception.

According to Zillow Data (through Apr 30, 2018),  the median Rent Zestimate hit $2,117 in Indio California, one of the fastest-rising rents in Southern California, up 13 percent from $1,880 a year ago.

Cathedral City's median Rent Zestimate was $1,803 a month, up 7 percent year over year. In Riverside County, the median Rent Zestimate was $2,013 a month, up $6.0 percent year over year.

Southern California rents outstripped incomes, rising 19 to 27 percent from 2010 through 2016. U.S. Census figures show median incomes, however, rose from 10 to 16 percent in that period. Rising rents have sparked rent control ballot drives in at least eight California cities as well as a statewide initiative to repeal rent control restrictions.

Higher rents can actually slow the home buying process. The more renters spend, the less they can save for a down payment. 

Some of the biggest misconceptions regarding the home buying process are related to down payments. NAR debunks some of the myths surrounding what many people consider the greatest barrier to home ownership.

Among first-time buyers who purchased a property through a mortgage in December 2016   – November 2017, 61 percent, on average, made a zero to six percent downpayment, according to the November 2017 REALTORS® Confidence Index Survey.


Palm Springs Rental Market



Coachella Valley Rental Market (Data through Apr 30, 2018) 

Cathedral City

The Median Rent Zesitmate: 1803

% Change: 7


Coachella

The Median Rent Zesitmate: 1544

% Change: 6


Desert Hot Springs

The Median Rent Zesitmate: 1456

% Change: 5


Indian Wells

The median Rent Zestimate :  5048

% Change (Y-o-Y) : 0


Indio

The median Rent Zestimate :  2117 

% Change (Y-o-Y) : 13


La Quinta

The median Rent Zestimate :  1917

% Change (Y-o-Y) : No Data


Palm Desert

The median Rent Zestimate :  2655

% Change (Y-o-Y) : 5


Palm Springs

The median Rent Zestimate :  2400

% Change (Y-o-Y) : 9


Who do you know that needs help buying or investing in Coachella Valley Real Estate? I'd love to have a conversation with them about what rising rents mean to them. Feel free to contact me at 760-636-2215.

 

Blog author image

Alison Cone

Alison is a native of Washington State who relocated to California permanently in 1994. She had a successful career in education prior to committing to a career in Real Estate. Alison believes that c....

Want to Advertise on this Site?

Latest Blog Posts

Just Sold Palm Springs Condo Over Asking Price And Received A Testimonial

It's been a very busy summer. The inventory of homes for sale in Palm Springs is well below historic norms. We anticipate that will grow as we enter the Fall selling season. If you are considering

Read More

Palm Springs Area Real Estate Market Trends August 2018

Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen

Read More

Consider Cost Not Just Price When You Are Buying A Home In Coachella Valley

As a seller, you will be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but

Read More

Featured Transaction From Expired Listing To Sold 1064 Solace Ct Palm Springs

We just sold another property in Palm Springs, represented sellers who purchased this property back in 2015. After sellers tried to sell this property with other agents, Michael Hilgenberg took

Read More