Los Angeles Home Management News – Have Rents Stopped Rising In LA?
Thanks to data from apartmentlist.com we know that the median price for a two-bedroom apartment in the Los Angeles area was $1,740 during the month of April. Unlike previous months, the average rent didn’t change much in April from the month before and this is a welcome relief for many renters who have been struggling with record high rents.
Rents Up Only 2.1% Since 2017
Even though the Los Angeles real estate market has continued to grow in the last year, rents in Los Angles have actually risen by just 2.1% since 2017.
This slight increase mirrors a national trend since we’re seeing rents climbing by just 1.5% nationally in the last 12 months.
Supply Meeting Demand
One of the biggest reasons many experts feel that rents have stopped rising is because housing supply in the Los Angeles area is finally meeting demand.
The City of Los Angeles has already met its benchmarks for new market-rate housing that it had until 2021 to meet and that inventory growth could be one of the reasons why rents are flattening because more people have finally been able to buy homes in Los Angeles.
Source – la.curbed.com
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