2024 · California
Rental yield in California
In 2024, the typical rental in California produced a gross yield of 3.3% — $2,104/mo median rent against a $760K median home value, ranking 48th of 51 states.
3.3%
Gross rental yield
below the 4.9% U.S. median
$2,104/mo
Median gross rent
incl. utilities (ACS)
$760K
Median home value
owner-occupied (ACS)
California metros by yield
Metropolitan areas in California with at least 65,000 residents, ranked by gross rental yield.
| Metro | Gross yield | Median rent | Median value |
|---|---|---|---|
| Bakersfield-Delano, CA | 4.9% | $1,479/mo | $364K |
| Hanford-Corcoran, CA | 4.9% | $1,421/mo | $351K |
| Visalia, CA | 4.6% | $1,384/mo | $362K |
| Redding, CA | 4.5% | $1,420/mo | $378K |
| Modesto, CA | 4.5% | $1,753/mo | $468K |
| Merced, CA | 4.4% | $1,462/mo | $398K |
| Fresno, CA | 4.4% | $1,513/mo | $416K |
| Vallejo, CA | 4.2% | $2,223/mo | $630K |
| Riverside-San Bernardino-Ontario, CA | 4.2% | $2,006/mo | $580K |
| Chico, CA | 4.1% | $1,446/mo | $420K |
| Yuba City, CA | 4.1% | $1,486/mo | $436K |
| Stockton-Lodi, CA | 3.8% | $1,788/mo | $563K |
| Sacramento-Roseville-Folsom, CA | 3.8% | $1,904/mo | $606K |
| Napa, CA | 3.6% | $2,642/mo | $870K |
| El Centro, CA | 3.6% | $1,062/mo | $353K |
| Santa Rosa-Petaluma, CA | 3.3% | $2,229/mo | $822K |
| Oxnard-Thousand Oaks-Ventura, CA | 3.2% | $2,313/mo | $869K |
| San Diego-Chula Vista-Carlsbad, CA | 3.1% | $2,336/mo | $915K |
| Salinas, CA | 3.0% | $2,007/mo | $809K |
| San Luis Obispo-Paso Robles, CA | 2.9% | $2,110/mo | $884K |
| Santa Maria-Santa Barbara, CA | 2.8% | $2,108/mo | $901K |
| Los Angeles-Long Beach-Anaheim, CA | 2.8% | $2,114/mo | $909K |
| Santa Cruz-Watsonville, CA | 2.8% | $2,293/mo | $986K |
| San Francisco-Oakland-Fremont, CA | 2.6% | $2,435/mo | $1.13M |
| San Jose-Sunnyvale-Santa Clara, CA | 2.2% | $2,827/mo | $1.53M |
Frequently asked questions
What is the gross rental yield in California?
In 2024, California had a gross rental yield of 3.3% — $2,104/mo median gross rent against a $760K median home value. That ranks 48th of 51 states (1 = highest yield). Nationally the figure was 4.9%.
Which California metros have the best rental yield?
Among California metros covered by the data, gross yield was highest in Bakersfield-Delano, CA (4.9%), Hanford-Corcoran, CA (4.9%), and Visalia, CA (4.6%).
Does this account for expenses or financing?
No. Gross yield is a top-line market screen — it excludes property taxes, insurance, vacancy, management, and financing. Use it to compare markets, then run a specific deal through a cap-rate or cash-flow calculator.
How investors finance deals in California
Yield shows where the numbers work; our Investor Financing Report for California shows the rate premium, denial rate, and DSCR lending investors face there.
Run a California deal
Source: U.S. Census Bureau, American Community Survey 2024 1-year estimates. Gross rental yield = (median gross rent × 12) ÷ median home value. A market screen, not a net return.