Los Angeles apartment rents have swiftly recovered from the pandemic. The latest report from Apartment List reveals that rents have increased 14.1% this year and 4.2% since the start of the pandemic in March 2020. The recovery is notable considering that rents in the metro fell 9.6% in 2020 as a result of the pandemic.

“Last year, the pandemic created many apartment vacancies across L.A., pushing prices down as properties had more difficulty finding tenants. This year, the opposite has been true,” Rob Warnock, senior research associate at Apartment List, tells GlobeSt.com. “Over the last 12 months, the vacancy rate in L.A. has more than halved, from 8.4% to 4%. This means the market is becoming increasingly competitive, giving landlords the opportunity to raise their prices.” Los Angeles rent growth has been on par with the national numbers. In November, rents in the metro and the nation both increased .1%, and Los Angeles is ranked 63es for apartment rent growth among the top 100 cities.

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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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