Okay, that thing where everyone was saying that as the home market tanks, rents will increase because of a tightening rental market needs to be reexamined. WestsideRentals has their latest June rental statistics out, and surprise, rents have gone down in the West Los Angeles-South market. We wouldn't have believed it if we hadn't seen the hi-resolution, bar chart ourselves. Bar charts don't lie.
For June, 2006, the average listed rent price of all listed rentals in these areas was $1,903.73, representing a 2.4% decrease in rent prices over two months ago.
The largest rent decreases occured in Playa Vista, where the total decrease was 19.0% and Venice, where the total decrease was 4.7%. Rent prices also decreased in Playa Del Rey (Down 4.3%), Palms (Down 2.3%), and Marina Del Rey (Down 0.3%) Rent prices increased in Mar Vista by 11.5% and Westchester by 9.2%. Rent prices were also up in , and Culver City (Up 3.7%)
The unusual decrease may just be a blip, but its interesting nonetheless. It may signal a shift away from some of the older housing stock in Palms and Marina del Rey to the newer stuff in Westchester and Culver City. But the 19% drop in Playa Vista is a head scratcher. Anybody care to play economist in the comments?
· West Los Angeles Apartments and Rentals Rent Survey: West L.A. South Area June, 2006 [WestsideRentals]