Rents falling nationally, but LA hasn’t noticed

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The price of rent is down nationwide for the third month in a row, according to rental tracking website Zumper. The site’s November report shows that prices for one-bedroom units fell nearly a full percentage point last month, while two-bedroom prices were down a half-percent.

Unfortunately for Los Angeles renters, the city’s rental market hasn’t been matching up very well with national trends. In LA, the price of a one-bedroom apartment rose by one percentage point, while the cost of a two-bedroom unit went up 1.69 percent. Two-bedroom apartments in the area are now more than 7.5 percent more expensive than they were a year ago.

Graph showing housing prices dropping nationally
Los Angeles renters can ignore this graph showing rental prices dropping
Courtesy Zumper

These price increases helped Los Angeles retain its spot as the seventh-most expensive rental market in the country. If current trends continue, the city may find itself climbing the ranks on that list someday soon. Aside from an unexpected dip in late summer, LA prices have continued rising fairly steadily throughout 2016. But in the nation’s top three rental markets—San Francisco, New York, and Boston, according to Zumper—prices have fallen off considerably since a year ago.

Still, Los Angeles has a long way to go to catch up to prices in those cities. In San Francisco, current one-bedroom rents are an astonishing $1,350 higher than those in LA. And, yes, that’s after a drop of nearly eight percent since last year.

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