July 15, 2024 Breaking News, Latest News, and Videos

While Rents Subside Across U.S., Santa Monica Sees Increases

Local Rents Also Saw a Slower Pace of Growth Year-Over-Year

By Zach Armstrong

Santa Monica was not a part of the nationwide trend of declining rents last month, as the median price for a one bedroom apartment within the oceanside city saw a 1.2% increase during October, according to research from Apartment List. 

The city’s median price for a one bedroom apartment now stands at $2,800 while that for a two-bedroom stands at $2,601. Comparatively, rents went down .5% last month in the city of Los Angeles whose median for a one-bed now stands at $1,633 while that of a two-bed is $2,157 making it the 21st most expensive large city in the country, according to the report. Across the U.S., rents saw an average .7% decline.

Local rents have also shown a slower pace of growth year-over-year, with Santa Monica’s rent growth over the last 12 months standing at 0.4 % compared to 1.3% a year ago.

In the Los Angeles metropolitan area, other areas which saw an increase in median rents include Aliso Viejo (1.3%), Burbank (2.5%), Irvine (0.1%), Rancho Santa Margarita (0.3%) and Santa Clarita (0.5%).

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