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LA rental prices have spiked 5 percent in the last year

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That’s well above both national and statewide averages

Apartments with for rent signs
LA rents rose about half a percent in June over the month before.
Ian Freimuth | creative commons

Los Angeles rental prices have continued a steady upward climb over the past month, according to a new report from rental website Apartment List. Rents rose about half a percent in June and are now 5 percent higher than they were this time last year.

The median rental price for a one-bedroom unit, according to Apartment List’s analysis, was $1,340 in June—up from $1,330 the month before. Two-bedroom prices are up to $1,720 per month in the city of Los Angeles.

If those numbers seem low, that’s probably because Apartment List recently changed its methodology for analyzing rental prices, relying more on U.S. Census figures and less on listings on its site, which skew toward luxury units.

The new statistics should give a better idea of what prices look like across the whole city, though there can be tremendous variance from neighborhood to neighborhood.

The report also finds that rents in LA are rising faster than they are in other cities. The 5 percent bump since last year is higher than the statewide average increase of 4.2 percent. Nationwide, rents are up just 2.9 percent in the same time period.

Still, rents in some nearby cities are significantly outpacing those in Los Angeles. In Pomona, for instance, prices have risen 9.3 percent since last year. Santa Ana also saw a large increase of 6.4 percent in the same time frame.

In Glendale and Huntington Beach, on the other hand, prices actually fell off a little last month, though rents in both cities are up since last year.