Los Angeles apartment rents have fallen 1% since the onset of the pandemic, according to a new report from Apartment List. The report shows that the average rent for a one-bedroom is $1,357 for a one-bedroom apartment, while a two-bedroom averages $1,744.

"Traditionally, seasonality in the market causes rents to flatten or drop during the winter months and then spike during the spring and summer," Rob Warnock, research associate at Apartment List, tells GlobeSt.com. "So before the pandemic, the trend in Los Angeles didn't look out of the ordinary, but the pandemic has certainly caused a peak-season rent decline that otherwise would have been extremely unlikely."

Los Angeles rents are stable compared to other markets, like San Francisco, New York and San Jose. In those two markets, rents have fallen 3.3%, 2.8% and 2.2% respectively. "For being such an expensive city, Los Angeles has a relatively large and diverse housing supply," says Warnock. "So I suspect there are a lot of pockets of the city that are relatively affordable to start, and are now seeing a huge rush of demand that prevents their prices from falling in a substantial way."