Some of the major cities in California saw rental prices plunge amid declining demand as the areas saw population losses.
Some of the major cities in California saw rental prices plunge amid declining demand as the areas saw population losses, according to the rental online platform Zumper.Oakland saw rent plunge more than 9 percent in May, followed by Sacramento, which recorded an 8 percent drop compared to the same time a year ago. Overall, seven of the 11 California cities that Zumper looked showed a drop in May.On the other side, Syracuse, New York, and Columbus, Ohio, saw two of the highest rent increases.
The Bay Area of San Francisco-Oakland-Fremont saw the number of residents fall by nearly 4 percent from 2020 to 2023, according to an analysis of U.S. Census figures by the data analysis firm RealPage. The Los Angeles-Long Beach-Anaheim area lost close to 3 percent of its population, followed by San Jose-Sunnyvale-Santa Clara, which saw its number of residents fall by 2.5 percent during the same period.
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