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First Decrease in Average Rent Since '94

LOS ANGELES-A Novato, CA-based research organization and database publisher has found the average rent for an apartment in the area to be $1,220, a fall of $2 from the average September.

By Peter Landau | Updated on January 24, 2002

LOS ANGELES- Real Facts, a research organization and database publisher specializing in the multifamily housing market, has released its The RealFacts Dec. survey of 461 large apartment complexes in the Los Angeles MSA. The report found the average rent for an apartment to be $1220, a fall of $2 from the average in September. This is the first RealFacts survey to find a decrease in the average rent for all unit types in this MSA since 1994.

The average occupancy rate for the complexes was 95.5%, the first time this figure has been below 96% since 1997.

There can be no doubt that the recession was a major cause of this cooling, but a contributing factor was the introduction of new product into the market in 2001, according to the report. Another survey by RealFacts, The Pipeline Report, estimates there will be another 7,140 market rate units coming on line in 2002.

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