It might feel like it, but…the average rent for a one-bedroom apartment in Los Angeles fell 3% in 2023, according to data compiled by Apartment List.
That decline is four times greater than the national average, and the largest drop of any major city in California. The average price for a one-bedroom now sits at $1,868.
According to Crosstown, one reason for the drop is that construction projects held up during the pandemic have finally reached completion, adding to the housing supply. The influx of people moving back into urban areas after leaving during the pandemic has also slowed.
While rent may be dropping in the city of L.A., the report found that some suburban areas in Southern California, like Irvine, Santa Clarita, and Anaheim, saw rents rise in 2023.
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