Congratulations, LA renters! Your rent didn’t get dramatically more expensive over the last 60 days. Two independent studies by apartment rental services found that median rates held steady from May to June this year, according to LA Weekly. (Hooray?)
While a single month in which rates didn’t jump up might seem like minor cause for celebration, it’s actually a pretty uncommon occurrence lately. After looking at thousands of different listings, both Apartment List and Zumper concluded that the flat average rents in LA was part of a national trend, seeing a slow in the rate of rent increases.
Nonetheless, a one-month reprieve from the seemingly endless ascension of rents may not feel like much help when it comes time to write your next rent check. While the June 2016 median rental costs were no higher than May 2016, they were about 3.3 percent higher than June of 2015. If you’re looking for a two-bedroom unit, the rise has been even more dramatic, with those apartments going for 10 percent more than they did one year ago.
Apartment List also breaks down the data by neighborhood, giving the honors of most expensive area overall to Westwood. There the median for a one-bedroom runs $2,980 per month. However, while the cost is high, the rate of increase since last year remains relatively modest when compared to Sherman Oaks, where they find that an apartment will cost you 9.8 percent more today than it did just a year ago. Bargain hunters might want to sign a lease in Marina del Rey as soon as possible because prices there have actually nudged down by a percentage point over the same period. Or maybe it's time for a roommate?
Image: Courtesy Apartment List