To no one’s surprise, rents have been on the rise in recent years in California — along with almost all cities across the country. Many cities are showing drastic increases, sometimes upwards of 10 to 20 percent. The real estate market in general has seen dramatic increases and rapid fluctuations since the start of the COVID-19 pandemic in 2020.
In California, the housing and rental market is beginning to cool off, especially in Orange County, and data from Rent.com reveals that not all rental types are even showing increases this year. In Los Angeles, two-bedroom rentals and studios have risen 4% from last year, and three-bedrooms are up 3%. The average rent for an apartment in Los Angeles in 2022 is between $2,262 and $5,095.
One type of rental is not following a similar trend according to this online apartment marketplace and database: one-bedroom apartments. In fact, the average price of a one-bedroom apartment is down over 15% from 2021.
Looking at the data, one-bedroom rentals are up 3% on average. However, this statistic includes all types of rentals, not just apartments, Rent.com explains.
Brian Carberry, the senior managing editor of Rent.com and Apartment Guide, says, “my immediate takeaway is that the houses, townhouses, and condos for rent in Los Angeles are priced higher than apartments, which is driving the overall average up.”
So, if you’re in the market for a single-bedroom apartment for yourself or you and your spouse in Los Angeles, you just might be in luck.
While this one piece of data may seem like a coincidence, similar trends are recorded in other California cities. Areas in Northern California, such as San Francisco, Milpitas, Alameda, Walnut Creek, San Mateo, Vacaville are also experiencing price dips in one-bedroom apartments specifically.
Beyond that, cities in Southern California are seeing one-bedrooms drop in price between 3-17 percent. These cities include Ventura, Camarillo, Irvine, Woodland Hills, and Huntington Beach. The largest drops are in Santa Clara at 19.97%, Long Beach at 24.36%, and Fresno at 28.35%.
These decreases are only recorded for one-bedroom apartments specifically. Other rental types are still showing increases or maintaining steady prices. Additionally, not all California cities are seeing this phenomenon. Cities like Oakland, Pasadena, Sacramento, San Jose, and Burbank had increases in one-bedroom prices in 2022.
While the causes behind this phenomenon are unknown, renters can take away the lesson that rental trends can be unpredictable. It’s important to conduct a thorough search when looking for rentals, remain open-minded, and look at research many different cities to compare rental markets.