Apartments.com study shows rents in City of Los Angeles down 6.2 percent
By Toi Creel
A recent study suggests that the COVID-19 pandemic may be driving rents down in Venice and the rest of the city.
While the global coronavirus pandemic has impacted the economy, restaurants and elsewhere in Los Angeles, it is also impacting the housing market. Rent is down by 6.2% since the start of the pandemic.
According to Apartmentlist.com, rents in Los Angeles have decreased by 1.1% month-over-month since the beginning of March.
Year-over-year rent growth in Los Angeles currently stands at -7.4% compared to 0.8% at this time last year.
Pasadena has seen the biggest rent drop in the metro, with a decline of 7.7%. On average two-bedrooms there cost $2,138, while one-bedrooms go for $1,609.
This might be good news for renters as the city of Los Angeles and it’s surrounding areas are some of the highest places in the nation to obtain housing.
The decrease is not the case for all states though. Over the past year, the city of Phoenix saw an increase of 3.4%.
As far as how the Apartment.com list was able to come up with the numbers, the company looks at individual apartments and calculates medians as opposed to taking a general average.