Hey, rents are going down! A little! Probably because no one can afford them! But still, it's something: rental site Lovely's second quarter data shows the median rent in Los Angeles is now $1,795 across all types of rentals, which is just a bit lower than the first quarter 2014 median of $1,850. But, it's also up 5.9 percent over the second quarter of 2013 ($1,695). It's also a big change in direction from last quarter, when rents shot up by an enormous 13 percent. No surprise: the most expensive 'hoods are still on the Westside—Beverly Crest, Century City, and Brentwood—but we'll have a full breakdown on the median rent for every neighborhood in the city tomorrow.
· Lovely Releases Q2 2014 Lovely Rental Market Report [MW]
· Rents in Los Angeles Shooting Up Faster Than in San Francisco [Curbed LA]
· Los Angeles's Insanely High Rents Have Become Unsustainable [Curbed LA]