New survey: Davis apartment vacancies down, rent goes up
DAVIS — A new survey reveals the apartment vacancy rate in the city of Davis has decreased and rents have increased since the fall of 2021.
As UC Davis students try to focus on their studies, many are also feeling pressure to find a place to live for the following school year.
UC Davis released the fall 2022 results of their "Apartment Vacancy and Rental Rate Survey." The 0.5% blended vacancy rate in Davis is a drop compared to the 1.4% rate for the fall of 2021.
The rate is lower than what Mike Sheehan, the associate vice chancellor for housing and dining, was hoping for. However, he says there are a few factors that may come into play.
The first is that more commuters appear to be coming back to campus as the university adds more housing. He also has noticed a "rebalancing of density," where fewer students are opting to share a living space.
Meanwhile, students are feeling pressure as they try to secure off-campus housing for the fall. UC Davis guarantees on-campus housing for freshman and transfer students. They also have a commitment to secure housing for second-year students at their on-campus property, "The Green." However, CBS13 spoke to several students who are making the transition to off-campus apartments following their first year of college.
Zoe Kinnear, a freshman student, was able to secure the last two-bedroom apartment at the off-campus property she was interested in. For Kinnear, securing the lease meant getting in line early.
"I woke up at 6 a.m., was down there by 7:15 a.m., and signed at I think 8:30 in the morning," Kinnear said. "They opened at 8."
Other students vying for units had the same idea as Kinnear.
"All of the three bedrooms were already gone by the time we got there," she said. "So it was definitely a fight to get it."
Other students did not have as much luck. CBS13 spoke to a group of freshmen who still have not been able to lock in housing for next year.
"Yesterday, we were trying to get an apartment at Sycamore and went a couple of hours early before they said they'd start leasing. They said people had been there since 10 p.m. the night before – camped out – so it was full."
Another concern for students as they look for housing is the financial toll or rising rent prices.
According to the survey, rents for bed-and-unit leased apartments in Davis increased by a combined average of 10.4% since the fall of 2021. However, Sheehan says most on-campus apartments have an escalation cap of around 3.5% – and that many still have rent prices below market.
Recent additions to student housing could make an impact and help take the pressure off of students. This fall, 1,500 new beds are becoming available at the Orchard Park apartment community.
"I still remain optimistic," Sheehan said. "We've brought a lot of new properties both on campus and within the city of Davis. Enrollment is staying consistent within the next few years so I think that we will begin to see this balance out shortly."
