Monterey, 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, California rental market.
Monterey, California
Average Apartment Rent
$2,788
Y-o-Y Change in Average
Apartment Rent
8.6%
As of November 2024
Compared to a year ago, Monterey, California apartments have recorded a 8.6% rent increase.
Monterey, California Average apartment rent trend
Monterey, California Average Apartment Rent
Monterey, California Apartment rent ranges
At 93.99%, apartments priced Over $2,000 represent the bulk of Monterey, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 6.01%.
Monterey, California Housing tenure**
Renters take up 64% of Monterey, California real estate, occupying a total of 8,105 units, while homeowners live in 4,481 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$85,477
Average household size of renter-occupied housing units**
2.19
Rental vacancy rate**
3.8%
Monterey, California Renter-occupied housing units by no. of bedrooms**
There are 3,092 rentals in Monterey, California with 2 beds making up the highest share of the market, at 38%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 109 units. Overall, the median number of rooms in Monterey, California homes for rent is 3.7.
Monterey, California Renter-occupied units by age of householder**
Most condos for rent in Monterey, California are occupied by residents in the 25 - 34 years age group (32%), followed by those in the 35 - 44 years age group (21%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 4%.
Monterey, California Renter-occupied housing units by family type**
Monterey, California Renter-occupied housing units by the presence of own children**
A total of 3,599 apartments for rent in Monterey, California, or 44% of all rentals are family households. Additionally, 22% of rental homes include children under the age of 18 – that’s 1,780 units. All in all, the median size of a renter-occupied household in Monterey, California is 2.19.
Monterey, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 56% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Monterey, California.
Monterey, California Renter-occupied units by year structure built**
The highest share of Monterey, California apartment rentals, namely 24% or 1,945 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (16%, 1,258 units), and the ones Built 1950 - 1959 (14%, 1,134 units).
Monterey, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Monterey, California renters (39%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Monterey, California condos for rent is 2018.
Monterey, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 46% of Monterey, California renters have 1 vehicle available per household, 35% of them have 2 vehicles available, and 9% have 3 vehicles available.
Monterey, California Means of transportation to work of householders living in renter-occupied housing units**
Monterey, 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, 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
