With an average monthly apartment price of $2,461, Los Angeles ranks No. 3 in the nation with the fastest-growing rent prices in a large metro area, according to data compiled by a national apartment search website.
RENTCafé used data from Yardi Matrix, a data company that tracks the multifamily, office, industrial and self-storage industries, to find rent in the city of Los Angeles rose 6.6% year over year. Rent prices in Los Angeles went up $153 from last year’s average rent price of $2,308.
Nationwide, Las Vegas ranked No. 1 in the nation for rent growth with year-over-year rent increasing 8% to $1,044, according to RENTCafé. Phoenix, with an average monthly rent of $1,011, ranked No. 2 with a 7.7% increase from the previous year.
Rounding out the top 5 in rent growth, Jacksonville, Florida, ranked No. 4 with the average monthly rent increasing 6.3% year over year to $1,059, and Orlando, Florida, ranking No. 5, with the rent going up 6.1% to $1,389.
Yardi Matrix Director of Business Intelligence Doug Ressler said to expect the demand for apartments to grow.
“Healthy job creation, a robust economy, and positive demographic trends are promoting the formation of new households and stimulating demand for rentals,” Ressler said in a news release. “Vacancies are likely to remain low and declining in most markets, particularly among Class B and C multifamily buildings.”
In Southern California, the report found small metro submarkets, such as Marina Del Rey, had the largest rent growth over the year, rising 9.8% to $3,168. Rent in Lancaster in northern Los Angeles County rose 9.1% to $1,215 and Huntington Beach ranked No. 3 with a 7% jump in rent year over year to $2,168.
In Orange County, Irvine and Newport Beach saw some of the slowest-growing rents in Orange County. The average rent in Irvine went up $7, a 0.4% increase from the previous year to $2,393. Newport Beach rent went up $6, a 0.2% jump, to $2,710.
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