La Rental Prices Are Back On The Rise
By badmin • October 6, 2016
Those who got excited about a report last month showing that Los Angeles rents actually dropped off between July and August are in for a letdown this month. An analysis of pricing data from Apartment Listshows that rents in Los Angeles rose just under a half-percent in September.
That’s only a slight increase, but it’s part of why prices have risen 3.1 percent since last year. That rate significantly outpaces the national average of 2.1 percent over the same time period.
In other parts of the metropolitan area, prices since last year have risen even more dramatically—particularly in Orange County. Rents in Fullerton, Anaheim, and Costa Mesa shot up more than six percent, with a median one-bedroom in the latter city fetching $1,680 per month.
Rents also soared last month in Pasadena, increasing by 5.9 percent. One-bedrooms in the City of Roses are now going for more than $2,000, with two-bedrooms asking $2,620. The one-bedroom price is actually higher than in Los Angeles itself, where the median falls at a significantly lower $1,910. Two-bedrooms in LA are priced at $2,630.
Not surprisingly, the priciest city appears to be Santa Monica, where two-bedrooms go for $4,450. And that astonishing price is actually lower than in neighboring Venice—LA’s most expensive neighborhood—where such units are evidently renting for more than $5,000.
Since last year, rents in California have risen just 1.8 percent, but LA prices seem to be growing much more quickly than the rest of the state.Graphics courtesy Apartment List