Apartment rents in LA County jumped a whopping 11.6% overall, with renter population increasing and vacancy dropping to record lows, according to a blog published by Zumper.
Some neighborhoods experienced even greater rent hikes: Santa Monica led the pack, with rents rising 17%, while Downtown LA saw a 15.7% increase and Westwood rents rose 15%. Rents also climbed substantially in South LA neighborhoods, such as Ladera Heights and View Park/Windsor Hills, escalating 15% or more during the year.
Just four neighborhoods experienced a drop in median rents over the year: Pacific Palisades, where the average rent for a one-bedroom is already quite high at $2,320, dropped 7.2%; Bel-Air/Beverly Crest fell 11.5% to $2,300; and Culver City dropped 5.2% to $1,930 for a one-bedroom.
While the Zumper map didn't include the San Fernando Valley, a Q3 apartment report for North LA County from Berkadia reported a median rent increase of 5.2% to $1,789, with average vacancy at 3.8% down from 4% year-over-year. [Zumper]
