- The average monthly rent in Los Angeles and San Diego was $2,545 and $2,238, respectively, in January, $85 and $79 more than one year prior.
- Santa Monica apartments are the most expensive in the state, renting for $3,881, while apartments in Indio have the cheapest rents, $1,141 per month.
- The national average rent in January 2020 was $1,463, up 3% compared to the same time last year according to data from Yardi Matrix.
Renting in the largest cities in Southern California
Apartments in Los Angeles and San Diego rented for $2,545 and $2,238 on average, respectively, in January. Rents in the largest Southern California city saw a year-over-year increase of 3.5%, or $85, compared to this time last year and a month-over-month increase of 0.2% ($5) compared to December. San Diego saw an annual increase of 3.7%, or $79, compared to last January and no change in rent compared to last month.
Renting in Southern California in January 2020
The average rent in Southern California cities is generally higher than the national average rent. The fastest growing rents in January were in Aliso Viejo, where rental apartment prices increased by 1.2% month over month, $26 more per month. Temecula apartments saw the second highest monthly increase, jumping by 1.1%, making them $19 more expensive than last month. In La Puente prices dropped by 1.2%, $16 less compared to December.
Santa Monica apartments are the area’s most expensive for renters, with an average rent of $3,881, followed by apartments in Marina Del Rey, where the average monthly rent is $3,613. On the other hand, the cheapest city to rent an apartment of the cities analyzed is Indio, with an average apartment rent of $1,141.
The January national average rent went up by 3% year-over-year
The average apartment rent reached $1,463 in January, up $43 since last year, according to apartment data from Yardi Matrix. Rents grew moderately into the new year, increasing by 3% year-over-year, the slowest pace we’ve seen in 18 months, as the seasonal winddown wears on through the winter.
Rents are likely to maintain an upward streak throughout 2020, as the number of renters continues to rise in the U.S. The demand for apartments is high, including among those renting by choice. 157% more Americans who earn over $150K per year began renting this past decade, shifting from homeownership to a more flexible and comfort-driven lifestyle.
To compare the rental market in Southern California with other cities in the U.S., you can also check our national January rent report.
RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.
The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.
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