Apartment List recently released its monthly rent report for Los Angeles. The findings? L.A. rents were up 4.2 percent year-over-year in May, outpacing rent growth statewide.
L.A. rents continue to move up
Over the past month, rents in Los Angeles grew by 0.9 percent to reach a year-over-year growth of 4.2 percent. Median rents for a two-bedroom apartment were at $2,710 in May, and one-bedrooms are at $2,000. These rates are ahead of statewide median rent prices of $2,110 for a two-bedroom and $1,750 for a one-bedroom.
Pasadena is second most expensive city for renters
Besides the City of Angels itself, Pasadena is the most expensive city for renters in the L.A. metro. In L.A., a two-bedroom apartment went for the median rent price of $2,710 in May, while two-bedrooms in Pasadena went for $2,540. Rents in Pasadena grew by 1.0 percent over the past month and 7.8 percent over the past year.
L.A.’s most expensive neighborhood
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Westwood continues to be L.A.’s most expensive neighborhood for renters, with two-bedroom median rent prices at a whopping $4,350 and one-bedrooms at $3,020. Rent prices in this neighborhood are up 6.4 percent over the last year, which makes it L.A.’s third fastest-growing neighborhood when it comes to rent.
For methodology and data for other neighborhoods in Los Angeles, see Apartment List’s City Report.
Yuki Graviet Knapp is a Content Marketing Associate with the Growth Team at Apartment List and is a resident of the Bay Area.