Los Angeles Rent Update: May 2018
In the last few years, rental units have increased significantly in demand, impacting development in Los Angeles. In fact, Los Angeles rents have been climbing steadily leading up to the beginning of this year. The rent has increased an average of 2.1% from April 2017, which exceeds the national average of 1.5%.
However, in the last few months, rents in Los Angeles have been relatively stable. According to www.zumper.com, rents in Los Angeles have only seen slight changes. Below are the median rents for apartments in Los Angeles as of May 2018:
Studio - $1,795
1 Bedroom - $2,295
2 Bedrooms - $3,268
3 Bedrooms - $4,800
4 Bedrooms - $7,990
Over the past month, the median rent for a studio apartment in Los Angeles has decreased by 0.6% whereas rents for a 2 bedroom has risen 0.5%.
Nationally, Los Angeles is also ranked amongst some of the United State’s most expensive rental markets. In terms of median 1 bedroom rent prices, the national ranking can be seen below:
San Francisco, CA – $3,440
New York, NY – $2,890
San Jose, CA – $2,500
Boston, MA & Los Angeles, CA - $2,300
Washington, DC - $2,200
Oakland, CA - $2,100
Seattle, WA - $1,960
San Diego, CA - $1,800
Miami, FL - $1,750
The rent hike can also be seen in cities in Orange County as well. Below are a few cities that have seen recently risen in price:
Garden Grove has a year-over-year increase of 5.3%. The median two-bedroom there costs $2,100, while one-bedrooms go for $1,630.
Huntington Beach has a decline of 0.2%. Median two-bedrooms there cost $2,380, while one-bedrooms go for $1,850.
Irvine has a two-bedroom median of $2,680; rents decreased 0.2% over the past month but were up 2.6% over the past year.
Lancaster has the least expensive rents with a two-bedroom median of $1,740; rents went down 0.1% over the past month but rose 5.1% over the past year.
Overall, rents in Los Angeles seem stable in the last few months and is expected to remain relatively stable through the end of the year.
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