December 3, 2020 Breaking News, Latest News, and Videos

Santa Monica Rents Top Most Expensive List:

Santa Monica is one of the most expensive places to rent in California according to new statistics released this week.

A survey of several hundred thousand monthly listings on website apartmentlist.com saw Santa Monica close behind San Francisco, with the average 2-bedroom listing price at $4,370.

“Santa Monica has some of the highest rents in California, with the median 2 bedroom apartment rent coming in at $4,370 – just a bit behind San Francisco, which has the highest rents in the nation,” explained Andrew Woo from apartmentlist. “Santa Monica rents are also rising more quickly than the rest of SoCal – 8.9 percent YoY compared to 6.7 percent in Los Angeles and 6.4 percent in San Diego,” Woo said.

The short answer as to why this is, according to Woo, is simply that Santa Monica is a desirable location with limited supply.

“As more renters move into the area and there’s not enough new rental housing built to accommodate that new demand, rents are driven up. Rent increases will eventually start to taper off, as renters begin to “spill over” to nearby locations, but it seems like Santa Monica rents could continue to increase a bit more before that happens,” he said.

California rent growth also outpaced the rest of the nation every month for the last year. California rents are growing nearly twice as quickly as the national average, according to the report. Rents have increased 5.7 percent over the last year compared to 3.3 percent nationwide, based on 2-bedroom units.

The report also found that recent months have seen a levelling.

“Overall, we’re starting to see rent growth slow down nationwide, and the same is true in California and SoCal as well,” Woo explained. “Santa Monica appears to be the exception to this, however, as rents are continuing to increase rapidly month over month.”

Methodology

Apartment List RPM data is drawn from several hundred thousand monthly listings on our site. All average prices are calculated as the median for the specified size and time period. For top city rankings, we calculated median 1-bedroom and 2-bedroom rents in 100 top cities and then ranked them by 2-bedroom rents. Price changes are calculated using a “same unit” methodology similar to the Case-Shiller “repeat sales” home prices methodology, and averages are not value weighted.

“Our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home.”

in News
Related Posts

Captain of Dive Boat That Killed 2 Santa Monicans and 32 Other People Indicted

December 2, 2020

December 2, 2020

Jerry Nehl Boylan indicted by a federal grand jury on 34 counts of seaman’s manslaughter By Sam Catanzaro The captain...

Video: Local Gym Owners File Lawsuit

December 1, 2020

December 1, 2020

Local gym owners are seeking a relaxation of health orders aimed at stemming the spread of the coronavirus in a...

Supervisor Sheila Kuehl Eats at Santa Monica Restaurant Hours After Voting to Ban Outdoor Dining

December 1, 2020

December 1, 2020

LA County Supervisor dines at Il Forno in Santa Monica last Tuesday By Sam Catanzaro LA County Supervisor Sheila Kuehl,...

Help Those in Need in The Salvation Army Santa Monica’s Holiday Auction

December 1, 2020

December 1, 2020

Bid on a range of locally curated goods until December 6 By Sam Catanzaro Help those in need on the...

Newsom Curfew Protest at Santa Monica Pier

November 30, 2020

November 30, 2020

Around 80 people protest at Santa Monica Pier over the weekend By Sam Catanzaro Around 80 people gathered at Santa...

Santa Monica Canine Officer Boris Retires: Santa Monica Beat – November, 30, 2020

November 30, 2020

November 30, 2020

Local news and culture in under 5 minutes. * Santa Monica Canine Officer Boris Retires * George Gascon Can Not...

Edify TV: Budget Cuts Leading to More Beach Pollution

November 30, 2020

November 30, 2020

Local budget cuts are leading to more trash and pollution on Westside beaches according to environmental experts. Learn more in...

City of Santa Monica Closes Playgrounds

November 30, 2020

November 30, 2020

Public playgrounds close, farmers market occupancy limited By Sam Catanzaro Santa Monica officials have closed public playgrounds as COVID-19 spread...

Edify TV: 22-Story Office Building Planned for Westside

November 29, 2020

November 29, 2020

Learn about plans to bring a 22-story office building to the Westside in this video made possible by Santa Monica College.

Santa Monica Office Campus Bought for $166M by Northwestern Mutual

November 29, 2020

November 29, 2020

Four-building complex currently leased to Universal Music Group & Illumination Entertainment By Toi Creel Northwestern Mutual, a financial services institution,...

Edify TV: How Santa Monicans Celebrated Thanksgiving

November 27, 2020

November 27, 2020

Thanksgiving looks a whole lot different this year due the COVID-19 pandemic. We ask Santa Monicans how they are celebrating...

SMa.r.t. Column: Our Brave New World: How the Residents Can Help Realize Their Goals

November 27, 2020

November 27, 2020

As the weather chills, we enter a Holiday Season like no other that the City of Santa Monica has seen...

Santa Monica City Council Incumbents Concede

November 27, 2020

November 27, 2020

Terry O’Day, Ted Winterer and Ana Jara issue statements after challengers pick up three seats  By Sam Catanzaro Over the...

Edify TV: Layoffs Coming as LA County Suspends Outdoor Dining

November 25, 2020

November 25, 2020

“We are laying off about 70 percent of our staff,” says a local restaurant owner in the wake of LA County...