Los Angeles residents are finally getting some relief from sky-high rents.
Median rental prices in the LA metro area dropped to $2,167 in December, the lowest price Angelenos have seen since January 2022, according to a Los Angeles Times analysis of real estate data.
In LA County, the median rent also hit a four-year low of $2,035. The figures covered leases for one- and two-bedroom apartments.
That’s good news for renters like Sandra Gomez, who has an apartment in East LA and recently noticed a price drop on her new lease, from $2,000 to $1,950.
“I thought it was a mistake. Since when does rent get cheaper in L.A.?” the 29-year-old told the Times.
“I’ve had friends leave L.A. because they lost jobs and couldn’t keep up with rent,” she added. “If prices drop even a little, it goes a long way toward my quality of life.”
The lower prices can be attributed to increased housing supply and decreased demand.
The county’s multifamily housing supply surged as its population dropped by 28,000 last year. This resulted in vacancy rates climbing to 5.3% in December, the highest since April 2021.
Anthony Moore, who has lived in an an apartment complex in North Hollywood for two years, told the Times he paid $2,700 a month for a two-bedroom unit. Last fall, he saw similar apartments in the complex listed for a lot cheaper.
“I pay month to month, so I wasn’t tied to my lease,” he said. “I called my landlord and told him I wanted to pay what the other units were listing for or I would move out.”
Now he’s paying $2,500.
California as a whole, as well as the surrounding counties of Orange, San Bernardino and Ventura, have not fared as well — with rents either increasing or holding steady.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
