By Jorge Casuso
June 30, 2021 – Santa Monica rents rose faster than neighboring Los Angeles and across the country in June, according to a report released by Apartment List this week.
Santa Monica rents rose 3.6 percent last month, compared to an average of 1.4 percent for Los Angeles and 2.3 percent nationwide, according to the monthly report.
Still, rental growth in Santa Monica year-over-year is below the state average of 4.4 percent and the national average of 8.4 percent, the report said.
“After rising this month, rents (nationwide) have risen well above our expectations if the pandemic hadn’t disrupted the market,” wrote Apartment List researchers.
“However, the data continues to show significant regional differences and there are still a number of markets where rents are well below pre-pandemic levels.
“But the trend has turned around in these markets too,” the researchers write.
According to the monthly report, June was the sixth straight month that Santa Monica rents rose after falling in December.
To date, the average rent for a one-bedroom apartment in Santa Monica is $ 2,073 and a two-bedroom apartment is $ 2,607.
That’s significantly higher than the average Los Angeles rent of $ 1,590 for a one-bedroom apartment and $ 2,087 for a two-bedroom apartment.
Compared to March 2020, rents in Santa Monica remain 4.3 percent and in LA down 3.4 percent, according to the report.
In the course of the year to date, rents in the two cities have risen at a pace that lags behind the strong national increase.
“Although the pandemic caused some weakness in the rental market last year, 2021 brought the fastest rental growth we’ve seen in our data,” the report concluded.
“Nationally and in many individual cities across the country, rents have now exceeded what they would have been if the pandemic had not disrupted rental growth.”
Santa Clarita rents have seen the fastest rental growth in the greater LA area, up 11.6 percent year over year, and are now approaching Santa Monica prices.
The average rent for a two-bedroom home in Santa Clarita, in the northwestern portion of the county, is now $ 2,562 and $ 2,049 for a one-bedroom.
The apartment listing rental report data is pulled from the millions of listings on the site on a monthly basis, according to the site.
The report calculates one- and two-bedroom rents and aims to identify the rental rates posted as opposed to the listed rental rates. To view the full report, click here.