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MF Rent Growth Ended 2017 on High Note

Despite reports of slowed rental rate growth, the year closed with apartment rates up 4% in Los Angeles.

Los Angeles Los Angeles

Apartment rents increased 4% last year, according to research from Apartment List. In the second half of 2017, reports showed slowed rental rate growth, however, the year closed with more than double the rental rate growth from the prior year. Rents in 2017 increased 1.6%. However, for the last several years, Los Angeles has seen significant increases in rental rates. In 2016, rents increased 6.5%, and in 2015, they were up 5.1%. Today, the average price for a two-bedroom apartment is $1,730, compared to the national average of $1,160.

“Our data shows that rents in L.A. declined slightly from September through December of last year, and then started ticking back up, such that growth has been basically flat over the past six months,” Chris Salviati, housing economist at Apartment List, tells GlobeSt.com. “That said, this sort of seasonal dip is typical in the rental market, and not something we see as a sign of significant cooling in the market. We expect that the increases of the past two months will continue through the spring and summer.”

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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