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Santa Monica Rents Tick Up in September
By Jorge Casuso
September 28, 2021 -- Rents in Santa Monica rose slightly in September, marking the ninth straight monthly increase, according to Apartment List's latest report released Tuesday.
The 0.6 percent month-over-month increase lagged behind the national average of 2.1 percent and was the smallest rise since local rents last declined in December, according to the monthly report.
"Rent growth (nationally) has cooled slightly from its July peak, but we’re still seeing significant price gains at a time when seasonality in the market normally causes a dip in rents," the report said.
Year-over-year rents have increased in Santa Monica by 7.2 percent since last September, after rents plummeted by 9.5 percent over the previous year due to the coronavirus shutdown.
Local median rents currently stand at $2,110 a month for a one-bedroom apartment and $2,654 for a two-bedroom, according to the site.
The monthly median rental rates in Santa Monica remain higher than in Los Angeles, where the price for a one-bedroom was $1,690 and $2,200 for a two-bedroom, after rents increased by 2.5 percent over the last month.
But Santa Monica rents are far lower than those in Irvine, where the average monthly rent for a one-bedroom in September was $2,800 and $3,480 for a two-bedroom, by far the highest in the region.
It was followed by Santa Clarita, where the average rent was $2,160 for a one bedroom and $2,700 for a two-bedroom.
Rents have been growing faster nationwide than they were before the coronavirus shutdown, with the national median rent increasing a "staggering" 16.4 percent since January, according to the report.
"With rents rising virtually everywhere, only a few cities still remain cheaper than they were pre-pandemic, and even these remaining discounts are unlikely to persist much longer," the report found.
At the same time, Apartment List's vacancy index rose slightly this month for the first time since April 2020, a possible signal that "tightness in the rental market is finally beginning to ease," the report found.
"If our vacancy rate continues to increase in the coming months, it’s likely that rent growth will also continue to cool," the report concluded.
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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