If you haven’t apartment hunted in Manteca since 2008, brace yourself for sticker shock.
Eight years ago a one bedroom, one bathroom apartment in Manteca’s four newest at-market complexes averaged $820 a month. Today it’s $1,310. That’s a 61 percent jump.
And if you’re in the market for a three bedroom, two bathroom unit at Paseo Villas — Manteca’s most prestigious and expensive rental address on Atherton Drive — prepare to fork out $1,920 a month.
Apartment rents, however, haven’t kept up with the resurging sale prices of previously owned homes. They have gone from a $178,000 average in 2008 at the depth of the housing collapse to $330,000 today or a gain of 85 percent in average sales price.
But when compared to 2001 — several years before liar loans started contorting the housing market — apartment rents have gone up 70 percent for a one bedroom, one bath among the new complexes. That compares to 51 percent for home prices going from an average of $218, for resales in 2001 to $330,000 today.
Unlike housing prices that lost over $200,000 on average in value from 2001 to 2008 in Manteca, typical rents rent up $40 across the board for that time period.
Perhaps the most startling trend for apartment prices has been over the past six months.
The newer at-market complexes — the newest being Paseo Villas that started renting in 2007 along with Stonegate, Laurel Glenn and Park Place — rents for a one bedroom, one bathroom apartment has gone up 8.75 percent from an average of $1,205 in January to $1,310 today. Paseo leads the way at $1,590, followed by Laurel Glenn at $1,400 while Park Place and Stonegate are both commanding $1,125 a month.
In the past six months:
uTwo bedrooms and one bathroom apartments in the Bulletin survey have gone up 11 percent from $1,335 to $1,500. The priciest is Laurel Glenn at $1,500.
uTwo bedrooms and one bathroom apartments are up 4 percent going from $1,346 to $1,393. Laurel Glenn is again the priciest at $1,685 of the apartment surveyed consistently over the years. However Paseo offers a 1,217-square-foot two bedrooms and two bathrooms floor plan for $1,910.
uThree bedroom and two bathroom apartments in the survey are up 17 percent having gone from $1,615 to $1,735. The most expensive is Paseo at $1,920.
The Paseo floor plan dubbed the Villa De la Palmas has 1,294 square feet. It is the most expensive apartment in a Manteca, Ripon, or Lathrop complex. It also has seen the biggest jump since January rising $220 per month.
Based on annual price hikes since 2012, the Paseo floorplan may become the first apartment to fetch $2,000 a month by 2017.
The price jumps reflecting demand is being driven by a relative new phenomenon in the Manteca housing market. Fairly well-paid single Bay Area workers with no ties to the Northern San Joaquin Valley are fleeing San Jose and other Bay Area communities because they are being squeezed out by other Bay Area workers making even re money that can afford even higher rents.
So just like home buyers started to do in the 1980s along with those looking to rent a traditional home, apartment renters are now crossing the Altamont Pass in seek of housing relief.
But if you think that Manteca apartment rents are outrageous, consider statistics provided by Rent Jungle.
In Tracy one bedroom rents average $1,645 (compared to $1,310 in Manteca) and two bedrooms average $1,836 (compared to $1,335 in Manteca). Rents in Tracy have gone up 10.5 percent during the last six months.
In Livermore one bedroom rents average $1,842 (compared to $1,310 in Manteca) and two bedrooms average $2,176 (compared to $1,335 in Manteca). Rents in Livermore have gone up 3.2 percent during the last six months.
In Pleasanton one bedroom rents average $2,200 (compared to $1,310 in Manteca) and two bedrooms average $2,679 (compared to $1,335 in Manteca). Rents in Pleasanton have gone up 7.35 percent during the last six months.
In Livermore one bedroom rents average $2,548 (compared to $1,310 in Manteca) and two bedrooms average $3,267 (compared to $1,335 in Manteca). Rents in San Jose have gone up 5.9 percent during the last six months.
Heading up or down the Northern San Joaquin Valley does offer some relief from Manteca apartment rents.
In Modesto one bedroom rents average $868 (compared to $1,310 in Manteca) and two bedrooms average $1,025 (compared to $1,335 in Manteca). Rents in Modesto have gone up 5.8 percent during the last six months.
In Stockton one bedroom rents average $830 (compared to $1,310 in Manteca) and two bedrooms average $1,023 (compared to $1,335 in Manteca). Rents in Stockton have gone up 5.5 percent during the last six months.
Manteca is among
lowest when it comes
to apartment units
When it comes to the region, Manteca’s 19.2 percent of multi-family units in communities over 20,000 is one of the lowest topped only by Tracy at 17.56 percent. That is lower than the United States at 31.8 percent, California at 38.0 percent, Stockton at 33.7 percent, and Lodi at 35.2 percent.
A study issued in 2013 by economists at the University of Pacific’s Business Forecasting Center credited the higher percentage of single family homes in Manteca and Tracy to the “commute-centric southern San Joaquin County.”
And, according to previous studies by the forecasting center, renters are paying the price in Manteca.
For-rent surveys of available apartments show rents in Manteca, Lathrop, and Ripon tend to be higher than the rest of San Joaquin County. The forecast center noted that in 2010 the median gross monthly rent that includes water, sewer, and electricity was $998 in San Joaquin County. US Census data shows that’s $28 higher than in Sacramento County and $156 higher than the United States as a whole but $57 lower than the California average.
While Manteca has a big demand for more apartments, developers have noted the high fees for building in California make it tough to financially pencil such projects out.
To contact Dennis Wyatt, e-mail email@example.com