Apartments for Rent in Panorama City, CA - Home Rentals | realtor.com® (2024)

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Why is it so hard to find a place to rent in California? ›

The Housing Crisis Effect

The shifting rental market is rooted in the recent housing crisis. Single-family homes that were once owned by the people who lived in them are now being rented out, which used to be fairly uncommon. There were 138,000 single-family homes for rent before the recession.

Higher interest rates mean significantly larger monthly mortgage payments for landlords, a financial pressure that often finds its way to tenants in the form of higher rents. Property owners, facing tighter margins, have little choice but to adjust rental prices upwards to maintain their investments' viability.

Turlock, otherwise known as the “Heart of the Valley” for its agriculture, is the cheapest city to live in California. It has a small-town feel and affordable living. You can rent a one-bedroom apartment for roughly $1,000 a month.

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

The law imposes a statewide rent cap, limiting annual rent increases to 5% of the current rent plus the local rate of inflation, or 10% of the current rent, whichever is lower.

The most significant drops in rental prices were observed in Oakland and Sacramento, where rates fell by 9.1% and 8.1%, respectively, compared to the previous year.

The imbalance between supply and demand resulted from strong economic growth creating hundreds of thousands of new jobs (which increases demand for housing) and the intentional, NIMBY-caused illegality of construction of enough new housing units to meet demand.

In 1995, voters in California passed the Costa Hawkins Act, which pre-empted existing local rent control ordinances. Under Costa Hawkins, single family homes and condos are exempt from rent control, as are newly constructed apartment buildings.

Orange County named the hardest place to find an apartment in California. A new report shows that moving to Orange County is becoming nearly impossible. "It took three years of searching to find an apartment," renter Rachel O'Connell said.