Did you know that Sacramento and many cities in the Central Valley ranked among the top in the nation in rent increases? In this video, we look at the statistics and how it affects people.
Rental prices in Sacramento have been rising over the last few years. Sacramento rental costs have seen an increase of 10% every year since 2014. While it’s impossible to say for certain why rents are so high in Sacramento, it is important to look at the problem and see how it is affecting people.
According to KCRA, the Blackstone Group investment firm owns 1,566 single family homes in Sacramento County. Even though that number might seem small, the group owns more homes than most other groups except for the City of Sacramento.
“We see Blackstone and companies like it charging rates above market — and that leads other folks to follow suit,” said Veronica Beaty, a Sacramento Housing Alliance spokesperson to KCRA.
Many people in Sacramento are not excited about the cost of rent. There are four colleges in the greater Sacramento area: California State University, Sacramento City College, Cosumnes River College, and American River College. The high rent could be the reasons why many students are struggling to find their own place to live. Students instead may resort to living at their parent’s house or in some cases, become homeless. Students can work full time in order to afford housing, however that might impede them academically.
“Having a consistency at home is key because how are you going to focus on algebra if you don’t know where you live, you know, or if you’re sleeping on somebody couch?” said Chandler Cooper, John F. Kennedy High School’s ASSETs Director. “(If) you don’t (have) a space that is your own you don’t have privacy, there might be little kid running around, you might have to be kick out of the house at a certain point because of rules that aren’t your own. All that stuff factor in, let alone being a young developing person.”