LA rental prices rose 3 percent last month

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Rental prices for a one-bedroom in Los Angeles have jumped 3 percent since last month, while the city remains the sixth-most expensive rental market in the nation, according to a new report from rental listing website Zumper.

LA is no longer tied with Oakland for that sixth spot, as it was last month. Instead, the Bay Area city has moved into fifth place, while Washington D.C. has dropped to seventh on the list.

The median price for a one-bedroom unit now stand at $2,060 per month. That’s up 4.6 percent since this time last year, according to the report. Two-bedroom rents have also increased to a median price of $2,950 per month, up a percent over last month and 5.4 percent since last year.

Two-bedroom prices are also significantly higher in Los Angeles than they are in many other cities on the list. In fact, if only two-bedroom rates were considered, LA would be the third-most expensive city on the list (behind San Francisco and New York). For comparison’s sake, the median price of a two-bedroom unit in Oakland is just $2,550.

It’s also worth noting that Los Angeles and Seattle are the only cities with top 10 rental prices that didn’t see one-bedroom prices go down during the last year. Prices in some of the nation’s priciest markets (including Oakland) are creeping back up after significant drops last year, but rents in LA are simply continuing their steady upward climb.

Zumper National Rent Report: April 2017 [Zumper]

LA’s cheapest and most expensive rental neighborhoods [Curbed LA]

LA rents are the 6th priciest in the country [Curbed LA]

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