California

Housing Watch: Competition for apartments in Central California

Published

2 years ago

July 19, 2023

Housing Watch: Competition for apartments in Central California

Three hot spots — Orange County, San Diego and the Central Coast, topped the list of most competitive apartment markets.

Thursday, July 20, 2023 2:12AM

FRESNO, Calif. (KFSN) — When an apartment comes on the market in Central California, there’s a good amount of competition.

An average of eight renters considering that same space. Properties normally stay on the market for 45 days.

“With the lack of affordable housing, we see the average days vacant is considerably less than what it was two to three months ago,” says Doug Ressler, Senior Analyst at Yardi Matrix, which collects data for Rent Cafe

The online apartment search site rates the Central Valley as the 10th most competitive rental market in California.

The study also considered factors such as lease renewal rates and number of applicants.

The Valley showed a very high occupancy rate of 95.4%.

“There are two things going on — first of all, lack of supply to be able to move to for a renter,” Ressler said. “But also, landlords want to be able to keep renters in place because it costs money to to be able to change out people.”

In this particular study, the Central Valley also included Bakersfield and Stockton.

Ressler believes the competitiveness of the rental market will soon lead to more attractive offers as people search for that perfect apartment.

“You will begin to see more concessions being offered by landlords to be able to attract and retain renters,” he said.

Not surprisingly, three hot spots — Orange County, San Diego and the Central Coast, topped the list of most competitive apartment markets.

For news updates, follow Dale Yurong on Facebook and Twitter.

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California

California prisoner firefighter program draws harsh criticism

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January 17, 2025

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California prisoner firefighter program draws harsh criticism

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California

A giant battery power plant is on fire in California

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14 hours ago

January 17, 2025

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A giant battery power plant is on fire in California

A fire broke out at the Moss Landing Energy Storage Facility in Central California Thursday. The battery power plant is the largest in the world according to the company, Vistra, that owns it.

The Monterey County Sheriff’s Office issued evacuation orders for nearby residents and closed parts of Highway 1 in response. County Health officials have asked other residents to shelter indoors with windows and doors closed and to switch off ventilation systems.

The company will investigate the cause of the fire once it’s out, Vistra spokesperson Jenny Lyon told The Mercury News. Vistra did not immediately respond to an email from The Verge. It completed an expansion of the facility in 2023, adding more than 110,000 battery modules needed to store renewable energy. Energy storage facilities like this one are essential for power grids to be able to keep enough excess solar and wind energy so it’s available when the sun goes down and winds wane.

This isn’t the first battery fire in the area. A nearby Pacific Gas & Electric battery plant stocked with Tesla batteries caught fire back in 2022. The year prior, Vistra had to temporarily shut down its battery plant at Moss Landing after a malfunctioning smoke detector and heat-suppression system sprayed water on its batteries, Canary Media reported.

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California

California wildfires live updates: Firefighters battle to contain blazes while thousands wait to return home

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