L.A Rents Jumped Again Over the Last Year. Here's How Much

Monday, July 3, 2017
Elizabeth Chou
Los Angeles Daily News

The march toward high rents in Los Angeles appears not to be letting up. Rents for Angelenos have risen 5 percent since last June, according to a report released Monday by an apartment listings company.

Apartment List’s latest data also shows that rents grew by half a percent over just the past month.

The median monthly rent for a two-bedroom in Los Angeles is $1,720, more than the national average, which is $1,150, the report shows.

The San Francisco-based Apartment List says their metholodology was recently upgraded. The company uses statistics from the U.S. Census Bureau, and then uses more current information from their own website’s listings to calculate the growth rate that determines the current month’s rental statistics.

Apartment List representatives say the use of the Census data helps improve the accuracy of their monthly reports, and vice versa. Data from private companies like theirs often “skew towards luxury apartments, introducing a sample bias,” while there is usually a “lag” time with Census data, the company said.

This month’s report also found that rents in Glendale fell by about 0.6 percent, with a two-bedroom apartment going for a median rent of $1,760, and a single-bedroom property going for $1,370 a month.

Los Angeles’ median rents are still well below those in Irvine, with the report showing rents in that city the highest of the large cities in the Los Angeles metro area. Irvine rents grew 0.3 percent in the past month, and by 3.8 percent when compared with last year. A two-bedroom there will cost the median renter $2,610 a month.

Northern California still boasts some of the highest rents for major cities outside of the Los Angeles metro area, with Fremont topping the list at $3,550 as the median rent for a two bedroom. That’s higher than in San Francisco, which has a median rent of $3,040 for two-bedrooms, and saw its rent prices drop 0.6 percent.

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