Rents in Los Angeles have been stabilizing after peaking in August last year. According to a report from Rent.com, rents in Los Angeles, Orange County, and Long Beach have increased by 1.65 percent compared to the previous year, which is lower than expected.
Rents in Los Angeles Starts To Stabilize After Peaking, News Study Says| Depositphotos
Rents in Los Angeles have been stabilizing after peaking last August.
Normally, rents in Los Angeles would increase by around 2 to 4 percent, but currently, rents in Los Angelos are still growing, albeit at a slower rate.
The reason for the stabilization of rents in Los Angeles is attributed to decreased demand, possibly due to a weaker housing market and record high interest rates.
Researchers suggest that fewer people are moving and are instead choosing to stay in their current accommodation, leading to a decrease in demand and making the rents in Los Angeles stabilized.
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Rents in Los Angeles have reached high levels, with a peak increase of over 14 percent from 2020 to 2022, resulting in an estimated $450 per month rise.
To find better rental deals, experts suggest negotiating and comparing prices of nearby rentals for realistic expectations.
The fall and winter seasons are ideal for apartment hunting since schools are in session and families tend to remain in their current homes.
According to Rent.com, the average apartment rents in Los Angeles, ranging from studios to two-bedrooms, is between $2,421 and $3,894.
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