Palm Springs, 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 Palm Springs, California rental market.
Palm Springs, California
Average Apartment Rent
$2,158
Y-o-Y Change in Average
Apartment Rent
9.6%
As of July 2024
Compared to a year ago, Palm Springs, California apartments have recorded a 9.6% rent increase.
Palm Springs, California |Average apartment rent trend
Palm Springs, California| Average apartment rent
Palm Springs, California | Apartment rent ranges
At 55.55%, apartments priced $1,500 - $2,000 represent the bulk of Palm Springs, California rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 7.57%.
Palm Springs, California | Housing tenure**
Renters take up 35% of Palm Springs, California real estate, occupying a total of 8,432 units, while homeowners live in 15,457 properties.
Median number of rooms of renter-occupied housing units**
3.5
Renter median household income**
$47,436
Average household size of renter-occupied housing units**
1.97
Rental vacancy rate**
8%
Palm Springs, California | Renter-occupied housing units by no. of bedrooms**
There are 3,537 rentals in Palm Springs, California with 2 beds making up the highest share of the market, at 42%. Units with 4 beds, on the other hand, hold the lowest percentage (3%), amounting to 232 units. Overall, the median number of rooms in Palm Springs, California homes for rent is 3.5.
Palm Springs, California |Renter-occupied units by age of householder**
Most condos for rent in Palm Springs, California are occupied by residents in the 25 - 34 years age group (20%), followed by those in the 45 - 54 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
Palm Springs, California | Renter-occupied housing units by family type**
Palm Springs, California | Renter-occupied housing units by the presence of own children**
A total of 2,877 apartments for rent in Palm Springs, California, or 34% of all rentals are family households. Additionally, 16% of rental homes include children under the age of 18 – that’s 1,324 units. All in all, the median size of a renter-occupied household in Palm Springs, California is 1.97.
Palm Springs, California | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 31% of the rental market. In contrast, residents with less than a high school degree reside in 8% of the homes for rent in Palm Springs, California.
Palm Springs, California | Renter-occupied units by year structure built**
The highest share of Palm Springs, California apartment rentals, namely 29% or 2,411 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (25%, 2,114 units), and the ones Built 1960 - 1969 (14%, 1,200 units).
Palm Springs, California | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Palm Springs, California renters (48%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Palm Springs, California condos for rent is 2016.
Palm Springs, California | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 54% of Palm Springs, California renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 12% have No vehicle available.
Palm Springs, California | Means of transportation to work of householders living in renter-occupied housing units**
Palm Springs, California |Geographical mobility in the past year for householders living in renter-occupied housing units**
Palm Springs, California | Average apartment rent by zip codes
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 Palm Springs, 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
