Apartment rents in Los Angeles have declined 6% since the start of the pandemic, according to research from Apartment List. In September alone, rents fell 1.1% in the market. While this is a significant decrease, Los Angeles ranked 11th in the US for its drop in rents.

"As the recession deepens and remote work settles in, many renters have new expectations for what they want out of a home," Rob Warnock, research associate at Apartment List, tells GlobeSt.com. "Obviously there is a need for cheaper housing, but also a desire for more physical space that might inspire renters to move to more affordable regions or leave the rental market altogether and purchase a home. All of this puts downward pressure on apartment prices in the country's most expensive regions."

Los Angeles' West Coast counterparts San Francisco and Seattle, on the other hand, have experienced more significant decrease in apartment rents. "While there are plenty of technology-driven jobs in Southern California, according to the Census Bureau a smaller share of L.A.'s workforce can work remotely compared to Seattle and San Francisco," says Warnock. "Therefore the rental market in LA is a bit more physically locked in than theirs are, preventing prices from dropping as much. But keep in mind that on a national scale, L.A.'s price drops are still quite dramatic.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.