The Median Rent In Santa Monica Increased by 0.8 Percent In April, Marking The Second Consecutive Monthly Increase After a Six-Month Decline.
According to a monthly report released on Thursday by Apartment List, the median rent in Santa Monica increased by 0.8 percent in April, marking the second consecutive monthly increase after a six-month decline.
The nationwide increase of 0.5 percent was lower than Santa Monica’s increase, as rents have been growing slower than usual during the busy rental season. While prices are trending up again, the report notes that a combination of sluggish demand and increasing supply is keeping rent growth in check.
Year-over-year rent growth in Santa Monica has slowed to 3.3 percent, down from the record hike of 16.6 percent a year ago, according to data compiled from rental website listings. Since the beginning of the COVID-19 pandemic in March 2020, rents citywide have increased by 1.9 percent.
The overall median rent in the city is currently $2,207, which is 5.6 percent higher than the median price across the Los Angeles metro area, where annual rent growth has remained flat. The median rent for a one-bedroom unit in Santa Monica is $2,086, and for a two-bedroom unit, it is $2,599, according to the report.
Marina del Rey, which is part of Los Angeles, remains the most expensive of the 27 cities in the LA metro area included in the Apartment List database, with a median rent of $4,752.
