Hallelujah. Rents in L.A. Actually Decreased Last Month
Rent can't keep going up forever. At least we hope not.
The latest Los Angeles Rent Report from Apartment List, which analyzes millions of the site's own listings, says the monthly cost of temporarily keeping a roof over your head in the city decreased from October to November by 0.7 percent, on average.
Don't get too excited, though. The same report also says if you look at average L.A. rents over a longer term, comparing them with November 2015, you'll see a 1.7 percent increase. Last month's city averages were $1,900 for a one-bedroom and $2,600 for a two-bedroom.
In the Greater L.A. market, which includes Orange County, Pasadena had the highest average rent for a two-bedroom unit, according to the report. Renters pay an average $2,640 to be Rose Bowl–adjacent. Pasadena apartments also saw a month-to-month decrease (1.5 percent) and an annual November-to-November increase (5.7 percent).
When it comes to average rents for two-bedroom apartments in November, there was no shortage of way-too-expensive neighborhoods in the city of Los Angeles: Beverly Glen ($6,750), Venice ($5,000), Pacific Palisades ($4,470), Bel-Air ($4,310) and Westwood ($4,280)
With average two-bedrooms going for $3,280, increasingly hip downtown L.A. looks like a steal again.
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