Are rents in Sacramento's Midtown out of control?
I've called the same Midtown apartment home for nearly a decade. Last month, my very reasonable landlords gently increased the rent. That's fine. But they also commented on how I was paying far less than “market rate” for Midtown. (I'm also cool with that!) This got me poking around on Craigslist: Holy mushroom apartment, central-city rents are tripping!
Is Midtown too damn hip? Are priced-out Bay Area folk invading? Is urban flight's great reversal finally taking hold? Should we blame the damn Kings arena? Is there not sufficient supply? Or is this just good ol' fashioned “economic recovery” at its worst?
I don't have answers, or even data, but my hunch is that it's all of these factors. More on this in a later issue. For now, just some thoughts—and complaining!
It's frustrating, for instance, that central-city rents are outpacing inflation. Sacramento Bee scribe Chris Macias and I kickstarted a hashtag last week, “#MyFirstMidtownRent,” which really took hold on Twitter and Facebook. Dozens of people shared their rent stories. It was awesome.
For me, #MyFirstMidtownRent was in 2003, on G and 26th streets: $425 a month for a one-bedroom, spacious, gated—and with a pool and parking spot. A decade later, a similar one-bedroom goes for more than $1,000 a month, according to Craigslist listings. Have wages in the city kept pace with cost of living? Again, I don't have data. But I have doubts.
My concern is that the people who made Midtown a rad place don't live here any more. And the young people who would make it exciting tomorrow won't be able to afford it.