We often find ourselves reporting about high cost of rent in Los Angeles—and why they’ll probably keep rising. But the city is a big place and rents aren’t going up at the same rate everywhere. So, since it’s Valley Week, let’s take a closer look at rental prices specifically in the San Fernando Valley.
Data provided to Curbed by real estate analyst CoStar shows that rents rose steadily over the last year across the San Fernando Valley, just as they have in the broader LA region. Prices increased in each of the 13 subregions of the Valley tracked by CoStar since August of last year.
That’s probably not too surprising to most residents of the area, but what may be more significant is that rents appear to be increasing faster in the Valley than in the rest of LA.
Year-over-year data provided by CoStar show price bumps in nine of the 13 Valley submarkets, with an average increase of around 3.7 percent. Compare that to the rest of the LA metro area, where rents are also up, but not as much, by 3.4 percent.
Prices in the Central San Fernando Valley, which includes parts of Encino and Reseda, spiked 5.4 percent since last year—more than anywhere else in the LA area, other than the Antelope Valley (where rents soared 9.1 percent). Average monthly rents in this area are now $1,644 per month for a one-bedroom—still a bit below the $1,770 average for the whole LA area.
The three most expensive neighborhoods in the Valley (and their average monthly rents) are:
On the flip side, the North Hills/Panorama City area has the cheapest rents in the area, with an average price of $1,304 per month. Sun Valley and Van Nuys aren’t far behind; prices there average $1,316 and $1,349.
These averages do not take into account deed-restricted affordable units, or student and senior housing, so in reality, many residents are likely paying
much less than these prices. They do, however, offer a good idea of what those moving to the area or looking for a new apartment might expect to face when surveying the area.
The numbers show that prices in the Valley are still, by and large, lower than in other parts of LA (only four of the 13 submarkets have higher prices than the metro area average). But with prices in some of the most affordable areas rising quickly, that gap could be getting smaller.