The City’s third annual Residential Rent Registry Program report is now available for review. The Program requires that all landlords of multifamily complexes with four or more units register with the City on an annual basis. The 2023 report builds upon and includes year-over-year comparisons to the baseline data obtained in 2022 and 2021.
The 2023 report analyzes tenancies and rents in Concord, provides a landlord registration and program compliance analysis, and includes neighborhood maps with the locations of the registered multifamily complexes.
Editors Note – Tidbits from the Report:
The raw data spreadsheet and the 2023 report reflect information obtained from completely registered units only, or 6,826 registered units reported by 310 landlords. The Rent Registry Program estimates that the City has 391 landlords and 8,200 units that meet the criteria requiring participation in the Rent Registry Program (i.e. multifmaily rental complexe of four or more units within the City of Concord). As of the date of this report, 83% of the eligible units in Concord have been registered.
Highlights
- The average rent in Concord increased by 1.2% in 2023 when compared to 2022, from $1,874 to $1,898. In comparison, average rent increased by 9% from 2021 to 2022, and a combined 10.5% from 2021 to 2023, or an average of 5.25% per year.
- Across the City, most rents increased by a small percentage in 2023. Outliers include a large decrease in average rent for 4-bedroom apartments (-15%), and an above average increase in rent from complexes with 5-12 units (3.48%).
- Occupancy of units remained relatively flat between last year and this year, with a 2% decrease from 2022, creating a 94% occupancy rate.
- The number of evictions in Concord has increased as State and County eviction protections expired. Compared to 2022, there was an increase of 195 tenant-initiated changes (763 in 2022 and 958 in 2023), and an increase of 59 in the number of owner-initiated changes (50 in 2022 to 109 in 2023) in occupancy.
- There was an increase, from 2 to 21, in the number of issued unlawful detainers
