The affordability crisis isimpacting the Los Angeles market. According to a recent report fromApartment List, 35% of renters in Los Angeles arelooking to move to more affordable markets, and the trend is—atleast partially—driving a slowdown in rent growth in the city.

"L.A.'s year-over-year rent growth currently stands at arelatively flat 0.4%, trailing both the national average and thecity's own recent history," Christopher Salviati,housing economist at Apartment List, tells GlobeSt.com. "To theextent that outward migration trends are indicative of coolingdemand in the area's rental market, this is likely a contributingfactor in the slowdown in rent growth. That said, this is just onepiece of the picture. The L.A. metro has also seen a boost in newmultifamily construction in recent years, and this new inventory isalso playing a role."

While current Los Angeles residents are leaving the market, newrenters continue to come to Los Angeles. However, population growthin Los Angeles has also plateaued, meaning those moving to themarket are merely offsetting the group leaving the market. "Amongall users searching for a place to live in the L.A. metro, 33.9%are searching from outside the metro. Among the nation's 25 largestmetros, L.A. ranks #12 on this metric. L.A. is still attractingrenters from elsewhere but is not necessarily a destination thatrenters are flocking to," says Salviati. "According to data fromthe Census Bureau's population estimates, the population of theL.A. metro dipped slightly from 13.30M in 2017 to 13.29M in 2018,the most recent year of data currently available. This data showsthe impact that a lack of affordability is having on the region'shousing market."