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Santa Monica Rents See Small Monthly Rise
By Jorge Casuso
June 1, 2022 -- Santa Monica rents rose by less than 1 percent last month after falling flat in April, according to Apartment List's monthly report released Wednesday.
The 0.8 percent increase in May brings the year-over-year rent growth in Santa Monica to 12.5 percent, compared to a 9.9 percent drop at this time last year, based on listings posted on the popular rental site.
The monthly rise -- which fell short of the 1.2 percent increase nationwide -- reflects a general trend that saw the pace of rent growth slow down "significantly" this year, compared to the first five months of 2021, according to the report.
"This month’s increase is closer to the rates we observed in the years preceding the pandemic -- from 2017 to 2019," the listing site's researchers wrote.
"The trend has held consistent for the entirety of 2022; namely, that rent growth is trending well behind last summer’s scorching pace, but ahead of the pre-pandemic norm."
The "rent boom" in 2021 was due "a tight market in which more households were competing for fewer vacant units," the report said.
In the nation's 100 largest cities, rents have rebounded from a December drop, with 96 cities posting increases last month.
Still, 70 of the cities have seen rent growth slow this year, compared to the first five months on 2021, with a few cities seeing declines.
The San Francisco metro area is the only region where the median rent dropped below its pre-pandemic level, with rents 3 percent lower than they were in March 2020.
Santa Monica's year-to-year increase is reflected across the Los Angeles metro area.
Of the largest cities included in the report, Newport Beach had the highest rents, with a two-bedroom going for a median rent of $3,270, followed by Irvine with $3,214.
Other cities in the metro area with rents higher than Santa Monica are West Hollywood with $2,680 for a two-bedroom, Huntington Beach with $2,590 and Costa Mesa with $2,630.
Marina del Rey, which is part of Los Angeles, was the metro area with the highest median rent for a two-bedroom apartment at $4,800.
Long Beach has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,874. Rents grew 1.1 percent over the past month and 12.5 percent over the past year, a rate growth identical to Santa Monica's.
"Despite a recent cool-down, many American renters are likely to remain burdened throughout 2022 by historically high housing costs," the report predicts.
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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