If you’re looking for a roof over your head that has three bedrooms and two bathrooms and you don’t want to go over $2,630 a month out of pocket there are two places you can go shelter hunting his weekend.

You could stop by Raymus Homes’ quaint niche 41-home neighborhood — Dolcinea — off Austin Road north of East Yosemite Avenue where a new home with 1,668 square feet and a garage will cost you $2,629 a month with a 30-year FHA loan at 4.28 percent. That reflects a purchase price of $395,500 with one-time upfront mortgage insurance premium of $6,729 collapsed into the loan along with property taxes, homeowners insurance and monthly insurance premiums.

Or you could drop by Manteca’s newest luxury complex — the 164-unit Tesoro Apartments — at Atherton Drive and Van Ryn Avenue where a 1,279-square-foot apartment and a garage will cost you $2,625 a  month. That’s just $4 lower a month than the lowest price new home in the Manteca market,

The big difference is you need a 3.5 percent down payment of $14,087 for the FHA loan to buy the home but just a $500 deposit to lease the apartment.

While there is a big difference in lifestyle as well as short versus long range thinking when it comes to selecting between renting an apartment and buying a home, this marks the first time since 2006 when the Manteca Bulletin started tracking housing prices and apartments that the monthly cost of buying the lowest priced home is almost the same as renting the highest priced apartment.

Usually the highest priced apartment is right around the monthly payment on resale homes that are on the lower side of the market median. Freely translated apartment rents on the upper end have basically caught up with the lower end of the new housing market. 

That will add pressure to rents on existing apartments given rents are based on what the market can bear. It also means rents have gotten to the point that Manteca is penciling out as a solid place for developers to secure and invest the kind of money it takes to build an apartment complex today.

Each of the units at Tesoro is costing the developer $183,000 apiece to build once everything is factored into the equation including municipal and school growth fees. That almost mirrors the price to build a small new home in a typical subdivision.

Since the annual Bulletin survey of apartment rents was done in December, a few of the largest top tier complexes — those built since the late 1970s — have increased rents.

A one bedroom, one bedroom apartment with 597 square feet at Laurel Glen on Button Avenue is now commanding $1,570 a month — $40 more than just three months ago.

Before Tesoro started leasing, they advertised the price of the three bedrooms, two bathroom unit with a garage at $2,345. Based on demand and the market when the time came to start signing leases the rent was set at $2,625. That’s $510 more a month than the closest three bedroom and two bathroom unit that is directly across Van Ryn Avenue from the Tesoro Apartments that rents for $2,015 a month,

There are four floorplans being offered at Tesoro Apartments.

1 bedroom, 1 bathroom, 738 square feet for $1,650 to $1,945.

2 bedrooms, 2 bathrooms, 1,040 square feet, $1,945 to $2,145.

2 bedrooms 2 bathrooms, 1,105 square feet, $1,995 to $2,145.

3 bedrooms, 2 bathrooms, 1,279 square feet, $2,425 to $2,625.

Apartment amenities included fully equipped kitchens, 9-foot ceilings, natural stone countertops (kitchen and bathrooms), stainless steel appliances, full size washer and dryer, modern plank flooring, outdoor storage, and private patios/balconies.

Community features include direct access to miles of bike paths, playground, outdoor fireplaces, poolside barbecues, oversized spa, large swimming pool, outdoor fitness area, fully equipped fitness center, fully gated/access controlled entry, and private garages are available.

For more information call (209) 957-1234.

To contact Dennis Wyatt, email dwaytt@mantecabulletin.com