February 13th 2024: Good news for people living in Los Angeles County as the average rent price a month has been dropping but the same cannot be said for Orange County renters; In Orange County instead of a decline average rents rose 2.2 percent in Orange County last year.
Los Angeles County residents had better news as rents across the county fell 2.6 percent last year. A lot of the difference is a hangover from the pandemic where many people in downtown areas were allowed to work all or some from home; Because they could work from home they didn’t have to live near work so people moved to more suburban areas such as Orange County.
Some areas of Los Angeles such as Burbank, Long Beach, Santa Monica and West Hollywood have seen bigger rent price drops in the 3 to 5 percent range over last year. Rents here in Costa Mesa rose 1 percent last year with cities such as Irvine seeing a 2.3 percent increase and 3.2 percent in Orange.
Source: Apartment List and The Real Deal.com