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Santa Monica Rents Rise for Fourth Straight Month, Report Finds
By Jorge Casuso
July 27, 2021 -- Rents in Santa Monica rose for the fourth straight month, but its year-over-year growth rate remains flat, according to a report released by Apartment List Tuesday.
Rents rose 1.8 percent over the past month, pushing the yearly rise since last July to 0.1 percent, the report found.
That's far below the average year-over-year rate growth of 5.9 percent for California, and 10.3 percent for the nation.
"Rents have risen in all of of the largest 10 cities in the Los Angeles metro for which we have data."
Santa Monica is now the third priciest rental market in the metro area, with the median rent for a one-bedroom apartment of $2,046 and $2,574 for a two-bedroom, based on listings posted on the online rental site.
That's far below the median of $3,090 for a two-bedroom apartment in Irvine and slightly below the median of $2,600 for Santa Clarita.
Torrance and Pasadena ranked fourth, with a median rent of $2,360 for a two-bedroom, while Los Angeles ranked seventh, with a median rent of $2,110.
Long Beach had the least expensive rents in the Los Angeles metro area, with a two-bedroom median of $1,881, according to the report.
In July, Apartment Lit's national rent index jumped another 2.5 percent, "tying last month’s record-setting growth," the report found.
"With inflation concerns heating up, the national median rent has now increased by 11.5 percent in 2021, and is 9.4 percent above the pre-pandemic level from March 2020," according to Apartment List researchers.
Still, rents in pricey markets, such as San Francisco and New York City, remain below what they were before the economic shutdown went into effect in March 2020.
And even in these cities "prices are quickly rebounding," as they have in "virtually all of the nation's l00 largest cities," the report found.
Rents in Phoenix have risen by 20 percent this year, in Austin by 14.9 percent and in Denver they've increased by 8.8 percent.
Apartment List Rent Report data is drawn monthly from the millions of listings on the site, according to the website.
The report calculates one-bedroom and two-bedroom rents and aims to identify transacted rent prices, as opposed to the listed rent prices. To view the full report click here.
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