Good News: L.A.'s Rents Did NOT Go Up Last Month
Monthly rent increases during this housing crisis in Los Angeles have been so reliable that you could safely bet on them. But for the first time in months, two rental listings sites, Apartment List and Zumper, agree that rents actually remained the same from May to June.
"Los Angeles rents were flat over the past month," says Andrew Woo, a data scientist for Apartment List. "This is on par with a relative slowdown of national rent growth."
"Rent prices were fairly flat this June," Crystal Chen of Zumper agrees.
Both sites, however, analyzing thousands of listings, reported that rent was still up compared with the same time last year.
Apartment List says L.A. saw a 3.3 percent increase in last month's average rents compared with June 2015. Zumper says the median rent for a two-bedroom unit (which now averages $1,960) increased 10 percent during that time frame.
Apartment List says a one-bedroom in our market costs $1,930 a month while a two-bed will set you back $2,630. Keep in mind that the sites often are working with different listings and thus different data.
Looking at median rates for two-bedroom units, Apartment List says Westwood ($4,300) remains the high-price champ for L.A. neighborhoods.
Marina del Rey ($3,700), downtown ($3,130), Hollywood ($3,000) and Studio City ($2,800) round out the five most expensive rental neighborhoods in the market, according to the site.
"Rent prices in California's most populous city continue to be some of the highest in the country," Apartment List states.
At least they're slowing down a little.
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