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Bakersfield Apartments For Rent

Located midway between Los Angeles and Fresno (110 kilometers in either direction), Bakersfield has established itself as a center of rapid growth, nearly tripling from a population of 105,000 in 1980. With a city population of 333,719 inhabitants and a metropolitan population of 827,173, Bakersfield is the 11th most populated city in California.

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The cost of living is relatively average compared with other similarly-sized American cities and is indexed at a slightly higher (5 percent) cost of living. Potential residents of Bakersfield should note that the transportation cost is 10 percent higher than normal, but other categories are fairly average. The primary industries in the city are agriculture, manufacturing, and petroleum extraction and refinement.

Most new construction is being done on the outskirts of the western side of the city, and many renters and home buyers are moving to this suburban area near the base of the Sierra Nevada mountain range. Depending on location, the average rental price for a standard single bedroom apartment in a complex can be from $300/month to $600/month, with some of the nicest properties asking for $700-$800/month. As of November 2009, the average asking rent for all available properties is $832. This equates to a decline of 3.5 percent from the same period in 2008.

In the coming year, there may be significant changes. Predictions indicate that real estate selling prices will drop by up to 10 percent, meaning that rental prices will most likely also be affected. However, the current financial crisis that caused many people to lose their homes has also increased the demand for rentals. If the demand is not met by an increased supply, this could actually raise the prices for rentals while selling prices are lowered. When more buyers appear and the real estate market becomes stabilized, an equilibrium should be established between selling rental costs.