Yay! Rental prices citywide are down 3.5 percent since last month
Good news for Los Angeles renters: Prices across the metropolitan area are down three-and-a-half percent since last month, according to a new report from Zumper.
The analysis shows that’s part of a national trend, but prices for one-bedroom apartments dropped more in LA over the last month than in all but six of the 100 cities that Zumper analyzed. Of course, one-bedroom prices are still up nearly five percent since last year, and two-bedroom prices have increased by almost 12 percent over the same period.
Los Angeles continues to hold steady as the seventh-most expensive rental market in the nation, behind Oakland and San Jose.
Meanwhile, since Zumper’s June report, Santa Monica and the red hot beach communities that surround it continue to be the priciest neighborhoods for LA renters. An average one-bedroom in Santa Monica still costs $3,000, as it did in June. Venice is still the second-most-expensive neighborhood, but the average cost of monthly rent there has dropped nearly $100 since June.
Maybe residents are leaving for nearby Marina del Rey and Mar Vista. Prices there have gone up a bit in the same period.
The most astonishing price increase is in Mid-City, where average rents rose $340 in just three months—an increase of more than 26 percent. That remarkable shift is all the more unusual as prices fell in the nearby Pico, Olympic Park, and West Adams neighborhoods.
Central Alameda made another strong showing, with one-bedrooms going for an average of $920—the cheapest price around. Take a look at the map below to compare prices around the city.