Average June rent hike in LA was smallest in 5 years

The 4% rise — also for Orange County — was still higher than the national average, federal stats show

Los Angeles /
Jul.July 15, 2020 01:00 PM
Downtown Los Angeles (Credit: iStock)
Downtown Los Angeles (Credit: iStock)

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


Related Articles

arrow_forward_ios
Burbank mayor Bob Frutos, Burbank Aero Crossing and LaTerra Development's Charles Tourtellotte (Getty, LaTerra Development)
Burbank approves mixed-use plan for former big-box retail
Burbank approves mixed-use plan for former big-box retail
Rendering of the project (Los Angeles City Planning / Gensler)
Relevant Group re-envisions residential tower on slim slice of DTLA
Relevant Group re-envisions residential tower on slim slice of DTLA
Oxnard apartment complex trades hands for $39.8M
Oxnard apartment complex trades hands for $39.8M
Oxnard apartment complex trades hands for $39.8M
Santa Ana Mayor Vicente Sarmiento (City of Santa Ana, Getty)
Apartment owners give up fight against Santa Ana rent control
Apartment owners give up fight against Santa Ana rent control
Southern California median home price tacks on $85,000 in October
Southern California median home price tacks on $85,000 in October
Southern California median home price tacks on $85,000 in October
Trelora CEO Brady Miller (Trelora, iStock)
Denver discount broker starts California challenge in LA
Denver discount broker starts California challenge in LA
(iStock)
USC: rents to rise in SoCal through 2023, metro centers to join suburbs on hikes
USC: rents to rise in SoCal through 2023, metro centers to join suburbs on hikes
$163M for Laguna Niguel apartment complex
$163M for Laguna Niguel apartment complex
$163M for Laguna Niguel apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...