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Santa Monica Rents Drop Again
By Jorge Casuso
March 1, 2022 -- Rents in Santa Monica dipped for the fourth straight month in February, after rising steadily during the first ten months of 2021, according to Apartment List's monthly report released Tuesday.
The 0.4 percent dip comes after rents in Santa Monica fell by 0.5 percent in January, 2.8 percent in December and 1.8 percent in November.
Median rents in Santa Monica currently stand at $2,014 for a one-bedroom apartment and $2,533 for a two-bedroom, based on listings posted on the popular rental site.
Santa Monica's latest decline comes as rent growth nationwide "is back on an upward trajectory," rising by 0.6 percent in February, Apartment list researchers wrote.
Year-over-year rent growth nationwide currently stands at "a staggering" 17.6 percent, with most of that growth taking place last spring and summer, Apartment List found.
Rents have grown far slower in Santa Monica, which has seen a 9.4 percent rent growth over the past year, compared to a 16.3 percent rent growth for California as a whole.
Since the start of the pandemic in March 2020, rents in Santa Monica are down 8.4 percent.
The vacancy rate nationwide rose for the seventh straight month in February hitting 4.5 percent.
"On the supply side, our national vacancy index is continuing to slowly inch up, indicating a gradual easing of the tight market conditions that have characterized the rental market over the past year," the report said.
But as the slow winter moving season comes to an end, rent growth is expected to accelerate, researchers said.
"As we enter the spring and summer months, it’s likely that rent growth will speed up amid increased moving activity," the report said.
"Even if prices don’t rise as rapidly as they did in 2021, we’re already seeing signs that 2022 will be another year of above-average growth."
In the LA region, Los Angeles rents continued to grow in February, increasing 0.4 percent, for a year-to-year rent growth of 15.6 percent.
The median rent for a two-bedroom apartment is $2,270, or $263 less than the median in Santa Monica.
Irvine continued to have the highest rents in the region, with a two-bedroom apartment fetching a median rent of $3,560, followed by Santa Clarita with a median rent of $2,730.
Pasadena's median rent of $2,580 was $47 higher than Santa Monica.
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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