Los Angeles rents have decreased nearly 7% since the start of the pandemic, placing the city somewhere in the upper-middle in terms of rent declines. Data from Apartment List shows that rents in Los Angeles have decreased 6.9%, while San Francisco—which leads the nation in rent decrease—rents have fallen 21.7% and the nation have averaged rent decreases of 1.4%.

Rents have fallen in 41 of the 100 largest cities in the country, and coastal markets have been the most susceptible. “The nation’s pricey, coastal markets have significantly cooled off in 2020, and Los Angeles is no exception. Unfortunately, many of the benefits of being in a large city—events, vibrant small business communities, entertainment that brings people together—have been the very things we’ve needed to curb during the pandemic,” Igor Popov, chief economist at Apartment List, tells GlobeSt.com. “At the same time, many incomes have taken a hit, so renters have found themselves looking for cheaper options in more affordable cities, leading to a reduction in demand and rents.”

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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.

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