Midwest Rents on the Rise, While California Sees Rents Dip After 2 Years

A sign indicating the availability of a home to rent stands outside a building in Philadelphia, Pa., on June 22, 2022. Matt Rourke/AP

For the first time in two years, high-priced California rentals have undergone a slight decline, while markets in the Midwest are experiencing an increase in monthly rentals.

Realtor.com’s March rental report indicates 14 markets in California have seen year-over-year declines, including Riverside-San Bernardino at -5.3 percent, Sacramento at -2.1 percent, and San Francisco and Los Angeles both at -0.8 percent. Speculation is that the declines may be connected to tech firm layoffs and a general weakening of the job market in the state.