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Santa Monica Rents Continue Rising, Report Finds
By Jorge Casuso
June 30, 2021 -- Rents in Santa Monica rose at a higher rate in June than they did in neighboring Los Angeles, as well as the nation at large, according to a report released by Apartment List this week.
Santa Monica rents increased by 3.6 percent over the past month, compared to an average of 1.4 percent for Los Angeles and 2.3 percent nationwide, according to the monthly report.
Still, the year-over-year rent growth in Santa Monica lags the state average of 4.4 percent, as well as the national average of 8.4 percent, the report found.
"After this month’s spike, rents (nationwide) have been pushed well above our expectations of where they would have been had the pandemic not disrupted the market," Apartment List researchers wrote.
"That said, the data continue to exhibit significant regional variation, and there are still a number of markets where rents remain well below pre-pandemic levels.
"But even in these markets, the trend has turned a corner," the researchers wrote.
June marked the sixth straight month that Santa Monica saw rents increase after they declined in December, according to the monthly report.
To date, the median rent for a one-bedroom apartment in Santa Monica is $2,073 and $2,607 for a two-bedroom.
That is significantly higher than Los Angeles' median rent of $1,590 for a one-bedroom apartment and $2,087 for a two-bedroom.
Compared to March 2020, rents in Santa Monica remain down 4.3 percent and in LA, down 3.4 percent, according to the report.
So far this year, the rents in the two cities are rising at a rate that lags behind the sharp increase nationwide.
"Although the pandemic created some softness in the rental market last year, 2021 brought the fastest rent growth we have on record in our data," the report concluded.
"Nationally, and in many individual cities across the country, rents have now surpassed the level where they would have been if rent growth had not been disrupted by the pandemic."
Rents in Santa Clarita have seen the fastest rent growth in the LA metro area, with a year-over-year increase of 11.6 percent, and are now approaching Santa Monica rates.
The median rent for a two bedroom in Santa Clarita, in the northwestern part of the County, is now $2,562, and $2,049 for a one-bedroom.
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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