The median rent dropped in Los Angeles in May, so why does it still seem soooo high? According to the newest report from Zumper, one-bedrooms were down 3.4 percent over the last three-month period, to $1,700. Two-bedrooms were flat over last quarter and down 3.8 percent over April, to $2,500. Oof. And month-to-month median rent variations can be pretty volatile, so we probably shouldn't expect more drops. (There is still very much not enough housing in Los Angeles.)
Meanwhile, Downtown Santa Monica is still the most expensive place to rent in the LA area, and the median is still heading up—in May, one-bedrooms were 5.3 percent above the last quarter at $3,160. (Two-bedrooms were down 3.9 percent, though, to $4,170.) Venice, Marina del Rey, and Downtown LA are also still leading the rent pack.
The cheapest one-bedrooms in May were in South LA, including Florence-Graham and Vermont Square. Northeast LA was also looking pretty reasonable, with one-bedrooms going for $1,225 in Glassell Park and $1,250 in Cypress Park. Unfortunately, Zumper's map doesn't stretch east of Downtown. Here's the full map and list of the top 30 'hoods:
· Zumper National Rent Report: June 2015 [Zumper]
· LAX-Adjacent Rents Now on Par With Beverly Hills Rents [Curbed LA]