Median rents in the Los Angeles market saw a decline of .8% during March compared with the same time period last year.
By Zach Armstrong
Median rents in the Los Angeles market saw a decline of .8% during March compared with the same time period last year, according to Realtor.com.
The real estate website, which evaluated prices in Los Angeles, Long Beach and Anaheim, also found rent prices in the area had dipped approximately 0.9% from February to March. San Francisco, Riverside-San Bernardino and Sacramento also saw rent decreases ranging from .8% to 5.3%, according to the website.
Annual rent price growth went down across the U.S. for the first time since the start of the pandemic. National median rent peaked in August 2022 at $2,053, which has since declined 5.63%, according to Rent.com.
The main factors driving down rent prices are more vacancy rates, fresh inventory, the housing market cooling down and demand being less than seasonal norms, according to Rent.com.