| LA apartment rents fall incrementally in March |
| “Apartment rents continue their downward trend in the Los Angeles market.Realtor.com found L.A. area median rents dipped 0.8 percent in March compared to the same time a year ago.. In a month-to-month comparison, Los Angeles area rents dipped about 0.9 percent from February to March, according to Realtor.com’s data, which evaluated rents in metropolitan areas of Los Angeles, Long Beach and Anaheim.Other California cities which experienced median rent declines, according to Realtor.com, were San Francisco also with a dip of 0.8 percent. There was a 5.3 percent decline of the Inland Empire cities of Riverside-San Bernardino, and a 2.1 percent decline for median apartment rents in Sacramento” “Los Angeles has become a topsy-turvy home market in terms of pricing. Redfin noted that L.A. County home prices declined 6.3 percent in March compared to the same month the previous year. It follows a national trend which found home prices have dropped 3 percent, which Redfin called the biggest price drop in a decade. However, in a month-to-month comparison, Redfin found L.A. County home prices climbed 3.1 percent to a median price of $820,000 in March, compared to a median price of $795,000 in February. Another measurement of home prices found the same pattern — namely, a price decline over the past year, but a sudden uptick with the spring buying season. The Case-Shiller Home Price Index also showed a year-to-year decline in prices in Los Angeles, down 1.27 percent in February 2023 compared to the same time in the previous year. However, there was an uptick of 0.64 percent comparing February to January. LA County lost 2.9% of its population during the pandemic LA County lost 2.9% of its population during the pandemic “Los Angeles County lost more people during the pandemic than any big county in the nation, according to a study. A big reason for the exodus: high housing costs. The number of people in the nation’s most populous county shrank by 2.9 percent during 27 months, from just over 10 million on April 1, 2020 to just over 9.7 million on July 1, 2022, the Orange County Register reported, citing a study by the U.S. Census Bureau. The decline mirrors a broad population collapse last seen in Southern California during the aerospace crash of the early 1990s. While populations in the Inland Empire grew or held steady, the pandemic-era flight from Los Angeles and a smaller drop-off in Orange County prompted a broad contraction in the combined population of Los Angeles, Orange, Riverside and San Bernardino counties.” |
Rent Prices, Home Prices, & Population Control
