Los Angeles apartment rents have declined 7.5% since February, according to a new report from Apartment List. The downward trend has kept pace with apartment vacancy, which has increased. According to the report, the pre-pandemic vacancy index in Los Angeles was 7.4%, but since has since increased to 7.9%.

Los Angeles' apartment rent loss came slowly and steadily, unlike markets like San Francisco that spiked earlier on in the pandemic. "Our rent index for Los Angeles began trending downward in April and has shown negative month-over-month growth in each month since, so it wouldn't necessarily say that the market in L.A. was any slower to react than in other parts of the country," Christopher Salviati, housing economist at Apartment List, tells GlobeSt.com. "Compared to San Francisco, the magnitude of the rent decline in L.A. has been less extreme."

San Francisco, California's other major metro, had the most extreme apartment rent loss in the country. By comparison, Los Angeles reacted much differently to the pandemic. "San Francisco has had the fastest falling rents in the country by a fairly wide margin, with a year-over-year decline of 25.5%," says Salviati. "While the year-over-year decline for L.A. is somewhat more modest, L.A. still ranks 12th among the 100 largest cities in the country for fastest falling 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.