{"id":58016,"date":"2018-01-30T03:47:09","date_gmt":"2018-01-30T11:47:09","guid":{"rendered":"https:\/\/www.rentcafe.com\/blog\/?p=58016"},"modified":"2019-04-08T06:29:55","modified_gmt":"2019-04-08T13:29:55","slug":"los-angeles-metro-2","status":"publish","type":"post","link":"https:\/\/www.rentcafe.com\/blog\/rental-market\/local-rent-reports\/los-angeles-metro-2\/","title":{"rendered":"Los Angeles Area 2017 Rent Retrospect"},"content":{"rendered":"

The average rent in the city of Los Angeles<\/a> at the end of the year was $2,284 \/month, 4.3% more than in December 2016. The LA area overall has posted a similar year-over-year growth rate, at precisely 4% higher than the year-ago figure, reaching $2,146. Meanwhile, the national average rent is $1,359\u20142.5% higher than it was at the end of 2016.<\/p>\n

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Over the past 3 years, the average rent in LA increased by $395 or 20.9% and by about the same proportions in the area overall, a 20.5% increase meaning an additional $365 per month. The national-level average rent at the same time has increased by 12% since December 2014, according to Yardi Matrix<\/a> apartment data. Average rent prices both in LA and the rest of the area overall have both been increasing steadily, and consistently faster than the national average. The gap between the national average rent and LA are rents has widened from $564 in December 2014 to $787 at the end of 2017, and from $672 to $925 when comparing it to the main city\u2019s rent prices in the same period.<\/p>\n

Eastern suburbs post outstanding rent growth, LA proper remains under 5%<\/h3>\n

The LA area is, to some degree, following the general trend seen across the nation\u2019s largest metros\u2014cores are gradually cooling down in terms of rent growth, and the peripheral neighborhoods are experiencing steeper increases. Although the 4.3% increase does not normally spell stagnation, in relative terms it is indeed far behind many of the area\u2019s smaller, outer cities like Monrovia<\/a>\u2019s whopping 15.1% growth rate. It is however still a much faster rate than Pasadena<\/a>\u2019s 1.7%, Long Beach<\/a>\u2019s 1. 9% or even the 3.2% hike in average rents that Oxnard<\/a> experienced in 2017.<\/p>\n

\"LA<\/a><\/p>\n

As mentioned above, Monrovia led the pack in relative terms posting a 15.1% increase, but it is also the suburb that has seen the largest rent increase in dollar amount. Rents in Monrovia are now, on average, $284 more expensive than they were a year ago. West Hollywood<\/a> and Diamond Bar<\/a> are the only other cities in the area that have seen their rents increase by more than $200 last year, with $217 and $214, respectively. This has earned Diamond Bar the second place by growth rate in the area with 11.3%, and for West Hollywood it was \u201conly\u201d enough for rank 8 being just 8.2% higher than last December\u2019s rent, given the already spicy rents in the area. The average rent in West Hollywood has now reached an eyewatering $2,878, which is still one of the the highest in the LA area.<\/p>\n