Monterey Park, California Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Monterey Park, California rental market.
Monterey Park, California
Average Apartment Rent
$2,520
Y-o-Y Change in Average
Apartment Rent
2.2%
As of November 2024
Compared to a year ago, Monterey Park, California apartments have recorded a 2.2% rent increase.
Monterey Park, California Average apartment rent trend
Monterey Park, California Average Apartment Rent
Monterey Park, California Apartment rent ranges
At 82.81%, apartments priced Over $2,000 represent the bulk of Monterey Park, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 17.19%.
Monterey Park, California Housing tenure**
Renters take up 50% of Monterey Park, California real estate, occupying a total of 10,116 units, while homeowners live in 10,300 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$56,897
Average household size of renter-occupied housing units**
2.98
Rental vacancy rate**
1.5%
Monterey Park, California Renter-occupied housing units by no. of bedrooms**
There are 4,135 rentals in Monterey Park, California with 2 beds making up the highest share of the market, at 41%. Units with No bedrooms, on the other hand, hold the lowest percentage (5%), amounting to 472 units. Overall, the median number of rooms in Monterey Park, California homes for rent is 3.9.
Monterey Park, California Renter-occupied units by age of householder**
Most condos for rent in Monterey Park, California are occupied by residents in the 45 - 54 years age group (22%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 3%.
Monterey Park, California Renter-occupied housing units by family type**
Monterey Park, California Renter-occupied housing units by the presence of own children**
A total of 7,189 apartments for rent in Monterey Park, California, or 71% of all rentals are family households. Additionally, 32% of rental homes include children under the age of 18 – that’s 3,242 units. All in all, the median size of a renter-occupied household in Monterey Park, California is 2.98.
Monterey Park, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 30% of the rental market. In contrast, residents with less than a high school degree reside in 22% of the homes for rent in Monterey Park, California.
Monterey Park, California Renter-occupied units by year structure built**
The highest share of Monterey Park, California apartment rentals, namely 22% or 2,198 units, were Built 1950 - 1959, followed by those Built 1970 - 1979 (20%, 1,985 units), and the ones Built 1960 - 1969 (17%, 1,688 units).
Monterey Park, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2014
Most Monterey Park, California renters (46%) moved in 2010 to 2017, while only 4% of them moved in 2021 or later. Overall, the median year renters have occupied their Monterey Park, California condos for rent is 2014.
Monterey Park, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 34% of Monterey Park, California renters have 2 vehicles available per household, 32% of them have 1 vehicle available, and 15% have No vehicle available.
Monterey Park, California Means of transportation to work of householders living in renter-occupied housing units**
Monterey Park, California Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Monterey Park, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
