Trending
LA County rent prices, leasing activity rise in Q2
6K more apartments were leased than were vacated, CBRE report shows
The Los Angeles County rental market continues to improve.
Prices are climbing as the county’s average asking rent ticked up to $2,040 in the second quarter, according to Commercial Observer, citing data from CBRE. That was 3 percent higher than third quarter 2020, when it bottomed out during the pandemic.
Over the last 12 months, average rent prices in the county have risen and leasing activity has increased for buildings with at least 25 units, according to the report.
The market appears to be accelerating particularly fast in recent months. There were 6,000 more units leased than were vacated in the second quarter countywide. That’s the highest net absorption since the beginning of 2019.
While the rental market slumped immediately following the pandemic, the housing market only accelerated. Sellers regularly received offers sight unseen, and closed above their asking prices. Home prices have remained strong.
Across Southern California, median home prices grew by double digits for 11th straight months ending in June, setting record highs along the way.
Only in recent months has that started to calm. Signed contracts in L.A. County were down for the second-straight month in June.
[CO] — Dennis Lynch