Los Angeles apartment rents have declined 7.5% since February, according to a new report from Apartment List. The downward trend has kept pace with apartment vacancy, which has increased. According to the report, the pre-pandemic vacancy index in Los Angeles was 7.4%, but since has since increased to 7.9%.
Los Angeles’ apartment rent loss came slowly and steadily, unlike markets like San Francisco that spiked earlier on in the pandemic. “Our rent index for Los Angeles began trending downward in April and has shown negative month-over-month growth in each month since, so it wouldn’t necessarily say that the market in L.A. was any slower to react than in other parts of the country,” Christopher Salviati, housing economist at Apartment List, tells GlobeSt.com. “Compared to San Francisco, the magnitude of the rent decline in L.A. has been less extreme.”