Residential rental costs in the Riverside metropolitan area jumped almost 50% over the past decade, trending in line with neighboring urban locations, according to figures released today by a real estate tracking firm.
Seattle-based Zillow crunched data on lease costs borne by residents in 50 large metro areas nationwide, all of which recorded double-digit percentage increases in rents paid between the start of 2010 and October of this year.
In the Riverside metropolitan area, which encompasses all of northwest Riverside County and lower segments of San Bernardino County, an aggregate $63.1 billion was paid in residential rent during the data period, according to Zillow.
That represented a 49.7% jump in composite rental expenditures compared to the previous decade, figures showed.
In the 10-month period ending in October, residents in the metro area paid $7.8 billion for rent, a 5.5% increase from the same period in 2018, according to Zillow.
The median monthly rent for the area was $1,915, a 3.7% year-over-year climb, researchers said.
“While the total amount of rent paid has increased each year this decade, that trend is by no means immutable,” Joshua Clark, chief economist for Zillow Group, said. “With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s.”
In the Los Angeles metro area, renters paid an aggregate $345.9 billion over the past decade – up 38.7% compared to the one before, according to the data. In San Diego metro, the total was $86.2 billion, a 53.6% rise, data indicated.
The total for the country was $4.5 trillion in rental expenditures for the period in question, a 46.5% jump, according to Zillow.
The firm said that New York City renters spent the most between 2010 and this year – $507 billion, a 35% increase compared to the 2000s.