With apartment construction winding down, the Central Valley has witnessed a skyrocketing in rents.

According to RENTCafe, a nationwide apartment search website and a part of property management software firm Yardi, Stockton continued to lead regional growth in July with a 10.4 increase. However, it is no longer topping the list of the fastest growing increases in the country, with Midland, Texas at an 18.1 percent growth rate.

With approximately 500 new units delivered last year and 700 on track to be completed in 2017, Sacramento’s housing stock faces an uphill struggle meeting demand. In the meantime rents have surged by 9 percent over the year, peaking at $1,257.

In Modesto and Fresno, rents have also increased by 7 and 5.1 percent respectively.

“Development in the Central Valley isn’t as widespread as it needs to be to fully meet demand,” said Adrian Rosenberg, communications specialist for RENTCafe. “Moreover, apartment living is attracting more and more millennials and baby boomers by offering flexibility and convenience.”

A full report on the ten prices can be found at: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/rentcafe-apartment-market-report-july-2017/