Yesterday we heard from the 2014 USC Casden Multifamily Forecast that rents in Los Angeles County posted its biggest increase in median rent in four years, to land at $1,716 in the second quarter of this year. And they'll keep rising: the report from USC's Lusk Center for Real Estate predicts an 8.2 percent increase by the second quarter of 2016, up to $1,856. But of course not all LA County neighborhoods are equal. The report found that Santa Monica/Marina del Rey was the most expensive rental neighborhood in the county, with an average rent of $2,618. Completely unshockingly, wastelandy Antelope Valley was the cheapest area, with an average rent of $829, followed by economically-expanding East LA, with an average rent of $1,197.
More intriguingly, the report also shows where rents are moving most swiftly—both up and down. Palms/Mar Vista had the largest increase (11.1 percent) as the demand for Westside property oozes into every available corner, and Burbank/Glendale was also pretty hot. Most rent decreases were very small, but South LA had the largest drop by a mile: the median there fell 10.1 percent.
· 2014 Multifamily Forecast Report [USC Lusk]
· Los Angeles Median Rent Shoots Up (Again!) to $1,716 [Curbed LA]