The median monthly lease rate for a one-bedroom apartment in Los Angeles is now $2,000, according to a new analysis from apartment listing site Zumper.
The site's National Rent Report for February found that month-to-month rents in January jumped 0.5 percent for one-bedroom units and 0.7 percent for 2-bedroom ones; the median price for the latter is now $2,900. Zumper looked at its own listings data for the 100 largest markets in the United States.
“Los Angeles climbed a spot in our national ranking, outpacing D.C., to become the sixth most expensive rental market in the nation,” Zumper spokeswoman Crystal Chen said via email.
While those month-to-month increases might seem tiny, the annual median rent increase for an L.A. two-bedroom was 7 percent compared with January 2016, the site found. Three of the top 10 cities with the highest median one-bedroom rents, including No. 1 San Francisco, are in California.
And while rents continued to rise in L.A., “Top market cities like San Francisco (1) and New York (2) experienced significant drops in prices for one-bedroom apartments, 1.2 percent and 2.3 percent, respectively,” according to the report.
The analysis doesn't take into account the average incomes in each market, however. L.A.'s relatively low wages — the median individual take here is about $28,000 a year — mean Angeleno renters tend to spend much more of their income on housing, sometimes half their pay. That means Los Angeles is an even tougher rental market than the analysis suggests. It would take nearly all of L.A.'s median individual income just to rent an average one-bedroom apartment.
The cheapest median one-bedroom rent in the nation, by the way, can be found in Toledo, Ohio, Zumper says. You can rent a one-bedroom apartment there for $420.