You can rent a studio apartment in Manteca — assuming you can find a vacancy — for $1,015 a month.
That will get you a 460-square-foot studio in Westwood Village on the south side of Center Street west of Union Road.
Should you need something larger such as a three bedroom with two bathroom floorplan with 1,292 square feet it can set you back as much as $1,945 a month at Paseo Villas on Atherton Drive.
As 2017 draws to a close, the annual Manteca Bulletin apartment rent survey shows average prices of select apartment complexes built in the last 37 years increased 2.4 percent over last year.
As always the apartments in largest demand — one bedroom, one bathroom floorplans — have jumped the most as they climbed an average of 5.08 percent to hit $1,615 at Paseo Villas and $1,465 at Laurel Glenn.
And while the rent creep is pressuring people, 2017 wasn’t nearly as bad as the three previous years that saw back-to-back double digit jumps in average rents including a record 13.7 percent in 2015.
Trends that have surfaced in 2017 include:
uRents are increasing double digit across the board in Stockton where a typical one bedroom, one bathroom apartment increased 16.22 percent to $962 compared to $1,287 for the same type of floorplan in Manteca.
uProperty managers have indicated vacancy rates are still low in Manteca, adding they expect more rent hikes in 2018.
uModesto is still the least expensive place in the region to rent an apartment coming in at an average of $18 less a month than Stockton and $359 less a month than Manteca that comes in at an average of $1,461 a month.
uManteca’s average overall apartment rent per month is $280 less than Tracy, $580 less than Livermore, $1,020 less than Pleasanton and $1,265 less than San Jose. The overall average rent in San Jose is $2,726 a month for apartments, down 3.52 percent from 2016. That includes $2,460 for a typical one bedroom and one bathroom and $2,976 for a two bedroom, two bathrooms.
uManteca apartment managers report a continuation of the trend that started three years ago with single renters with jobs in San Jose or the Silicon Valley moving to the Northern San Joaquin Valley to rent.
uApartment rents since 1991 in Manteca when they averaged $425 a month have increased 244 percent to $1,461 while the median selling price of Manteca homes has gone up 202% during the same time period from $125,900 to $380,000. At the same rime when housing prices plunged from 2007 to 2011 by an average of 45 percent apartment rents were either stagnant during that time period or continued to see 3 to 5 percent increases.
uThose renting the most expensive Manteca apartment at $1,945 could buy a $310,000 home with 5 percent down at today’s rates while covering property taxes and homeowner’s insurance and pay exactly the same they do for rent. That said, more people who can afford $1,945 a month for housing today are choosing a lifestyle that doesn’t involve a traditional single family home with a yard.
uNew offerings in the Manteca market — such as the new two bedroom apartments at Vista Verde on Eastwood Avenue — are commanding top dollar. The $1,515 for the new two bedrooms, two bathroom units is in line with similar offerings in Manteca. It trails Paseo Villa’s 2-2 floorplans that lack a townhouse or expanded living areas that are going for $1,845 a month. The biggest reason is the amenities. Paseo Villas prides itself on lifestyle amenities.
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