Southern California tenants are struggling to find falling rents.
My trusty spreadsheet reviewed Apartment List’s October rent report, which includes cost indexes for 52 cities across the region. The firm’s pricing estimates, primarily for apartments, combine government stats with listing data from its website.
October’s numbers show landlords raising prices in 67% of Southern California cities. That’s 35 of 52 cities with rents gaining. The region’s median rent move was a 1.2% increase.
That’s a big shift from April, when rents rose in just 37% of the region’s cities while the median rent fell 1.5%.
Biggest jumps
Orange County and Inland Empire cities had the largest rent hikes in October.
Laguna Niguel: Up 7.2% in a year, with one-bedroom units at $2,787 and two-bedroom units at $3,163.
Newport Beach: Up 6.1% to $2,938 for one-bedroom homes and $3,649 for two-bedroom homes.
Brea: Up 4.4% to $2,211 for one-bedroom and $2,774 for two-bedroom homes.
Chino Hills: Up 3.9% to $2,497 for one-bedroom and $2,720 for two.
Moreno Valley: Up 3.8% to $1,639 for one-bedroom and $1,864 for two.
Biggest drops
The largest rent dips were to the north in October.
Monrovia: Down 6.5% in a year, with $1,669 for one-bedrooms and $2,196 for two.
Santa Monica: Down 5.2% to $2,223 for one-bedroom and $2,665 for two.
Calabasas: Down 4% to $2,824 for one-bedroom and $3,107 for two.
Glendale: Off 2.2% to $1,846 for one-bedroom and $2,374 for two.
Thousand Oaks: Down 2% to $2,460 for a one-bedroom and $2,714 for a two-bedroom.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Peek at October’s most popular Southern California real estate stories to see what real estate news you might have missed …
No. 1: Dana Point’s Ritz-Carlton sells for estimated $600 million
No. 2: Laguna Beach estate sells for $82.6 million, second-highest OC home sale
No. 3: Newport Beach’s 100-year-old landmark Lovell Beach House seeks $18.8 million
No. 4: Southern California homebuying crashes to 2nd slowest pace on record
No. 5: ‘New Girl’ star Jake Johnson lists Pasadena home for $3.3 million
No. 6: 12 Orange County ZIPs on costliest housing list, 3rd most in nation
No. 7: Palos Verdes Estates oceanfront compound sells for record $24.3 million
No. 8: Home prices drop in 42% of Orange County
No. 9: Long Beach mid-century duplex photographed by Julius Shulman seeks $1.5 million
No. 10: Gains in California home prices continue to evaporate
No. 11: Real estate news: Costa Mesa apartment complex fetches $9.4 million
No. 12: Real estate news: Placentia shopping center trades hands for $66 million
No. 13: 69 California ZIP codes make priciest-housing list, the most of any state
No. 14: Laguna Beach’s ridge-cresting ‘Wave House’ seeks $7.9 million
No. 15: Rents are rising in 58% of Southern California cities