LA rents have continued to become increasingly more affordable in the short term, as the city dropped two spots to become the ninth most expensive rental market in the country. Given this trend, the one bedroom median dipped 5.6% in the month of May to $1,700, while two bedrooms also decreased 3.8% to $2,500. Los Angeles now comes behind Miami and Chicago on our rent report for the 50 largest metro regions in the US.
At a neighborhood level, Downtown Santa Monica again reigned with the top spot, as a one bedroom fetched $3,160 this May. Holding the next most expensive spots were Ocean Park ($2,700), and Venice ($2,560). More affordable areas were found to the southeast, including Congress Central ($900), Florence-Graham ($850), and South Central LA ($955). A list of the 30 most expensive LA neighborhoods can be seen in the chart below.
If you’re interested in seeing how Los Angeles stacks up to the rest of the United States, view our National Rent Report for June, which analyzes over 1 million active listings available in the prior month.
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