The median asking rent for Los Angeles County fell to $2,603 in the second quarter, down $91 or 3.4%, from one year earlier. This marked the lowest level since the end of 2021, according to data from Realtor.com.
The median asking rent is 9.6% below its 2022 peak, representing a monthly savings of $276 for the typical renter compared with peak pricing. Realtor.com attributed the decline to a surge in accessory dwelling unit construction and multifamily development over the past few years.
Realtor.com also noted most of that cost relief is among the market’s smaller apartments, where the median asking rent for units with zero to two bedrooms dropped 3.6% year-over-year to $2,255, while rents for larger three-plus bedroom units fell 3.0% to $3,441.
Within the City of Los Angeles, the median asking rent fell to $2,742 in the second quarter, down 2.0% from one year earlier. However, they remain 3.8% above pre-pandemic levels – and by using the standard 30% income guideline, city residents need to generate an annual household income of roughly $109,680 to cover rental housing costs, which is about 23.6% higher than the city’s estimated median household income.
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