Market Summary.
Long passed over, Sacramento has grown significantly throughout the pandemic as new residents flocked to the area seeking a higher quality of life and lower cost of living. The metro offers easy access to larger neighboring cities as well as state and national parks, making it a prime location to settle down. As firms have relaxed restrictions on employee location, Sacramento has benefited greatly, surpassing net migration figures by 50% over the prior decade’s average.
Key Takeaways.
- Increased levels of demand have made developers more bullish on Sacramento. The construction pipeline has risen to an all-time high, with 4,100 units underway.
- Sacramento apartment rents continue to climb with gains of 5.6% over the past 12 months. Rents declined at the start of the pandemic before staging a remarkable comeback and were a top national market for rent growth for some time.
- Sacramento achieved record pricing at the start of the year with a number of trades setting new high-water marks in the market. In March, two properties traded in excess of $490,000/unit.
The numbers.
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