Rents for a one-bedroom unit in Los Angeles climbed 5.2 percent since December 2015, according to a new report from rental website Zumper. Nationwide, rents increased 1.8 percent over the same amount of time, though some of the most expensive markets—including San Francisco and New York—have actually seen significant declines in prices since last year, the report found.
LA remains the seventh-most expensive rental market in the nation, with median one-bedroom rent sitting at $2,030 per month.
The median rental price for two-bedrooms shot up 6.8 percent since last year, and those units now fetch $2,990—a sizable price difference from a one-bedroom. Los Angeles now has the third-most expensive two-bedroom market in the nation.
Though prices rose citywide, they certainly did not do so uniformly or across the board. The hottest neighborhood was Hollywood Hills West, where prices jumped 13 percent. Mid-City, Beverly Hills, and Olympic Park also saw price increases of 10 percent or higher.
Most surprisingly, the coldest neighborhood in LA is suddenly Downtown, where cranes continue to dot the skyline, but rental prices have decreased eight percent since last year.
Meanwhile, with so many high-end apartment buildings opening, Downtown landlords are now offering an array of perks to attract what appears to be a shrinking pool of new tenants.
Upscale areas such as Westwood, Santa Monica, and Marina del Rey may also be cooling off; all three saw rental prices drop from where they were a year before.