Rents across Los Angeles County did not soar this year as many initially feared after January’s wildfire, but 2024’s discounting by landlords has largely come to an end.
That’s what my trusty spreadsheet found when it reviewed the September rent data from ApartmentList, which tracks pricing in 12 cities in Los Angeles County using an index of one-bedroom and two-bedroom units.
Consider that rents declined in just two of the 12 cities over the past year. But in the previous 12 months, rents fell in eight of those cities.
It’s not just the loss of housing due to the wildfires. The cost of ownership remains daunting, upping demand. And the modest new construction has largely been completed, so little new supply.
City watch
Look at the local results, ranked by price change.
West Covina: Off 1.5% in the year ended in September to a median $2,160 monthly vs. a 0.6% gain in the previous 12 months.
Los Angeles: Off 0.3% to $2,098 vs. a 2.1% drop in the previous 12 months.
Glendale: Flat at $2,195 vs. a 1.3% drop last 12 months.
West Hollywood: Up 0.3% to $2,186 vs. a 2.9% drop over the last 12 months.
Long Beach: Up 0.3% to $1,776 vs. a 1.2% drop over the last 12 months.
Monrovia: Up 0.4% to $2,186 vs. a 0.1% gain in the previous 12 months.
Pasadena: Up 0.7% to $2,525 vs. 1.0% gain last 12 months.
Santa Clarita: Up 1.7% to $2,510 vs. a 0.2% gain in the previous 12 months.
Pomona: Up 1.9% to $1,999 vs. a 1.4% drop over the last 12 months.
Culver City: Up 2% to $2,951 vs. a 0.2% drop over the last 12 months.
Santa Monica: Up 2.1% to $2,478 vs. a 6.4% drop in the previous 12 months.
Burbank: Up 2.2% to $2,100 vs. a 1.9% drop in the previous 12 months.
Big picture
Countywide, rents rose 0.3% to $2,090, compared with a 1.6% decline in the previous 12 months.
Mildly rising rents are also a statewide issue. California rents increased by 1.3% over the past year to $2,198, compared with a 0.4% decline in the previous 12 months.
It’s a slightly different story nationally where rents fell 0.8% to $1,394 over the past year, compared with a 0.7% decline in the previous 12 months.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
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