After several months of decline, Los Angeles apartment rents held stable in February, according to research from Apartment List. Average rents stood at $1,511 for a one-bedroom apartment and $1,982 for a two-bedroom. While rents have stabilized, they are down 8.3% year-over-year.

"It's likely that this is signaling a real stabilization in rents. Although rent growth was flat, it's worth pointing out that this is the first month since February 2020 where rents in L.A. didn't drop," Rob Warnock of Apartment List, tells GlobeSt.com. "After a full year of steady declines, it's possible that the pandemic-driven rent drop has run its course and that next month we'll see rents in L.A. start to tick back up."

Los Angeles continues to follow similar trends as other markets. Affordable markets are seeing stronger rent growth while expensive rents are decreasing. "We're seeing a sort of rent convergence in a lot of regions. L.A.—and Southern California more broadly—are great examples of this trend," says Warnock. "While rents are down year-over-year in LA (-8%), Santa Monica (-14%), and Playa Del Ray (-7%), they are up in Inland Empire cities like Riverside (+7%), Rancho Cucamonga (+13%), and Ontario (+12%)."