Landlords hiked residential rents in Los Angeles by an average of just 4 percent in June, the smallest annual increase since October 2015. Landlords in Orange County raised rents by the same amount.
The increases for both counties — compared to June 2019 — come as the statewide eviction moratorium remains in force. It also compares to the rent increase of 5.8 percent from June 2018 to June 2019, according to federal statistics, first reported by the Los Angeles Daily News.
But the news is not all positive for tenants. The 4 percent rise is higher than the national average of 3.2 percent last month. That, too, was the smallest increase since May 2014, according to the report. Rents in L.A. and Orange counties also outpaced overall inflation in the area, which was 1.4 percent year-over-year in June.
The U.S. Bureau of Labor Statistics calculates rents based on consumers and landlord surveys.
Other rent trackers have shown that rents have actually fallen in recent months in L.A. County. RealPage found that overall rents declined 3.3 percent year-over-year in May, and 0.8 percent year-over-year in April.
RealPage said the coronavirus pandemic resulted in a large dropoff in overall demand. According to its numbers, the overall decline in rent was a result of a dip at the top and middle markets — rents at the low-end remained flat. [LADN] — Dennis Lynch