It has been a strange year for the American rental market, with rent prices in some of the country’s most expensive cities dropping significantly over the last few months even while prices nationally continue to rise. Here in LA, prices aren’t dropping, but they also haven’t increased much lately.
According to a new report from rental website Zumper, prices for one-bedroom rentals were flat in November, though they have risen more than five percent since last year. The cost of a two-bedroom dropped off very slightly last month, though over the last year, the cost of those units is up nearly seven percent.
While the nation’s priciest markets may be plateauing, rental prices in smaller cities are rising rapidly. That effect can be seen in local markets such as Long Beach, where one-bedroom prices rose 4.6 percent last month. Since last year, rents are up an impressive 13.3 percent in the city. Similarly, while two-bedroom prices rose only 1.1 percent in November, they are up more than 12 percent since a year before.
Prices in Long Beach have risen enough that the city jumped Portland and Atlanta last month to become the nation’s 18th most expensive rental market. Los Angeles remains in the 7th spot, where it’s been moored for quite some time now. Median rent for in LA is $2,030 for a one-bedroom and $2,990 for a two-bedroom unit, according to the report.