Southern California’s rent boom is losing steam and landlords across much of the region are trimming prices to keep units filled.
Over the past year, rents have fallen in 33 of 53 SoCal cities tracked by ApartmentList, the Orange County Register reported. That works out to roughly 62 percent of the region posting declines, representing a notable shift after years of relentless growth.
The regional median rent dipped 0.6 percent, with one-bedroom rents at $1,940 and two-bedrooms at $2,357. The topline numbers hide a growing divide as the cities where rents are falling tend to be significantly cheaper than those still seeing gains.
In the 33 cities with declines, rents dropped a median 1.5 percent, with one-bedrooms averaging $1,821 and two-bedrooms at $2,288. Meanwhile, the 20 cities with increases saw rents rise about 1 percent, with one-bedrooms at $2,171 and two-bedrooms at $2,587.
Los Angeles County led the downturn among counties in the region. Rents in L.A. County fell in 85 percent of tracked cities and declined 1.6 percent overall, with median rents at $1,832 for a one-bedroom and $2,403 for a two-bedroom. Ventura County and the Inland Empire weren’t far behind, with Ventura County seeing a 1.9 percent price drop and the Inland Empire registering a 0.7 percent decrease. Down south, San Diego County similarly saw rents fall in most of its cities.
Orange County stands as an outlier among its Southern California peers. Only 27 percent of cities tracked by Apartment List recorded declines, and rents ticked up 0.6 percent overall, keeping it the priciest market in the region with one-bedrooms at $2,322 and two-bedrooms at $2,679.
Some of the steepest annual drops hit higher-profile cities in L.A. County like Santa Monica, Glendale and Pasadena. Rent gains across Southern California were largely clustered in Orange County, led by Newport Beach and Aliso Viejo.
The latest numbers add to a downward trend for L.A. County. At the end of last year, the median monthly rent in the Los Angeles metro area fell to $2,167, marking the lowest price in four years. The median rent in Los Angeles County also fell to a four-year low of $2,035 per month, according to Apartment List.
— Chris Malone Méndez
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