Southern California Rents See Widespread Decline

Rent prices are falling in a significant portion of Southern California, according to a recent study by ApartmentList. The analysis, which combines government data with rental listings, found that rents declined in 62% – or 33 of the 53 – Southern California cities over the last year.

Regional Rent Trends in March

The median rent for the region in March was $1,940 for a one-bedroom unit and $2,357 for a two-bedroom unit, representing a 0.6% price drop. This decline is part of a broader trend impacting affordability for renters.

A Divided Market

There's a clear distinction between cities experiencing rent increases and those seeing declines. In the 33 cities where rents have fallen, the median decrease is 1.5%, with one-bedroom units averaging $1,821 and two-bedroom units at $2,288. Conversely, the 20 cities with rising rents saw a median increase of 1%, resulting in average rents of $2,171 for one-bedroom and $2,587 for two-bedroom units.

Declining markets generally offer more affordable options, with one-bedroom units being 16% cheaper and two-bedroom units 12% cheaper than those in rising markets. This suggests that economic challenges are disproportionately affecting those with lower incomes.

Variations Across Southern California Markets

The most expensive markets in the region have experienced less widespread rent declines. Only 27% (4 of 15 cities) of these markets saw rents fall in the past year, with a median increase of 0.6%. Rents in these areas average $2,322 for a one-bedroom and $2,679 for a two-bedroom.

Specific County Trends

  • Los Angeles County: 85% of cities experienced rent declines, with an overall median drop of 1.6%. Median rent is $1,832 for one-bedroom and $2,403 for two-bedroom units.
  • San Bernardino County: 80% of cities saw rent declines, specifically 4 out of 5 cities, with a 1.9% price drop. Rents average $2,105 for one-bedroom and $2,534 for two-bedroom units.
  • Riverside County: 75% of cities experienced declines (9 of 12), with a median 0.7% price drop. Median rent is $1,684 for one-bedroom and $1,964 for two-bedroom units.
  • Ventura County: 63% of cities saw rent declines (5 of 8), with a 1.8% price drop. Rents average $1,837 for one-bedroom and $2,239 for two-bedroom units.

Cities with the Largest Rent Drops

Santa Monica led the region with the largest rent decrease, falling 8.1%. Other cities with significant declines include Glendale, Palm Desert, Chula Vista, La Mesa, Calabasas, Oxnard, Pasadena, Los Angeles, and Monrovia.

Cities with Rent Increases

Orange County saw the most substantial rent increases, with Newport Beach leading at 5.6%. Other cities experiencing rent hikes include Aliso Viejo, Culver City, Oceanside, Mission Viejo, Placentia, Carlsbad (at 1.2%), Moreno Valley, Costa Mesa, and Laguna Niguel (at 1%).