New survey shows Bakersfield rent increases

Posted at 12:03 AM, Mar 17, 2016
and last updated 2016-03-17 03:03:40-04

Most people rent an apartment because a home may be too expensive--and it's seems like the easiest way to save on living expenses.

But new numbers suggest Bakersfield's rent prices are soaring through the roof.

A rental housing survey released last week says Bakersfield experienced one of the largest apartment price hikes in the nation.

And while that may be true in one area, there is hope for those looking to rent.

In the report released by ABODO, an online apartment resource, has Bakersfield in the top 10 cities in the nation for steepest rent increases during the month of March. 

Which comes at a bad time for many workers laid off in the oil industry said Marc Thurston who is the Vice President for Newmark Grubb ASU & Associates

“Just based on what's going on in the local economy, specifically in the oil industry. We are starting to see a fairly sizable number of layoffs,” said Thurston.

Leaving Thurston and other property management companies to question where this information was gathered, saying it does not match the trends they are seeing.

”We haven't seen numbers like what they had indicated. I think they had said eight percent in that particular article. You know we are typically seeing anywhere from three to five percent rent growth in Bakersfield,” said Thurston.

In fact, the survey focused on one bedroom apartments only, claiming that Bakersfield had an eight percent increase.

But two bed apartment rates saw no change, while three bed apartments actually are cheaper right now.

“People either look for smaller living arrangements which would explain why the studios and lofts are seeing a little bit of rent appreciation,” sad Thurston.

Thurston says it's important to keep these surveys in perspective...Understanding that sometimes the research just scratches the surface of the real issue.

“Without really knowing where they're gathering their data and what manner they're going about gathering their data, it's really hard to pinpoint exactly where that eight percent is coming from,” said Thurston.

And while Bakersfield's rent was on the rise, places like Tucson, Sacramento and Las Vegas all topped the list for sharpest decrease in rent.