Morgan Hill, 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 Morgan Hill, California rental market.
Morgan Hill, California
Average Apartment Rent
$3,215
Y-o-Y Change in Average
Apartment Rent
6.7%
As of November 2024
Compared to a year ago, Morgan Hill, California apartments have recorded a 6.7% rent increase.
Morgan Hill, California Average apartment rent trend
Morgan Hill, California Average Apartment Rent
Morgan Hill, California Apartment rent ranges
At 98.13%, apartments priced Over $2,000 represent the bulk of Morgan Hill, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 1.87%.
Morgan Hill, California Housing tenure**
Renters take up 28% of Morgan Hill, California real estate, occupying a total of 4,126 units, while homeowners live in 10,449 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$88,179
Average household size of renter-occupied housing units**
3.24
Rental vacancy rate**
4.4%
Morgan Hill, California Renter-occupied housing units by no. of bedrooms**
There are 1,864 rentals in Morgan Hill, California with 2 beds making up the highest share of the market, at 45%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 95 units. Overall, the median number of rooms in Morgan Hill, California homes for rent is 4.
Morgan Hill, California Renter-occupied units by age of householder**
Most condos for rent in Morgan Hill, California are occupied by residents in the 25 - 34 years age group (25%), followed by those in the 35 - 44 years age group (23%). At the same time, people in the 75 - 84 years age group make up the lowest share of the local rental market – 2%.
Morgan Hill, California Renter-occupied housing units by family type**
Morgan Hill, California Renter-occupied housing units by the presence of own children**
A total of 3,028 apartments for rent in Morgan Hill, California, or 73% of all rentals are family households. Additionally, 51% of rental homes include children under the age of 18 – that’s 2,117 units. All in all, the median size of a renter-occupied household in Morgan Hill, California is 3.24.
Morgan Hill, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 35% of the rental market. In contrast, residents with less than a high school degree reside in 17% of the homes for rent in Morgan Hill, California.
Morgan Hill, California Renter-occupied units by year structure built**
The highest share of Morgan Hill, California apartment rentals, namely 27% or 1,132 units, were Built 1970 - 1979, followed by those Built 1990 - 1999 (17%, 706 units), and the ones Built 2010 - 2019 (14%, 595 units).
Morgan Hill, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2015
Most Morgan Hill, California renters (44%) moved in 2010 to 2017, while only 6% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Morgan Hill, California condos for rent is 2015.
Morgan Hill, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of Morgan Hill, California renters have 2 vehicles available per household, 33% of them have 1 vehicle available, and 8% have 3 vehicles available.
Morgan Hill, California Means of transportation to work of householders living in renter-occupied housing units**
Morgan Hill, 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 Morgan Hill, 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
