Rents across Southern California dropped as much as 5% year-over-year, with one-bedrooms averaging $1,921 regionally, driven by economic slowdown and rising apartment supply.
7:54 PM
Rental prices across Southern California have declined significantly in recent months, offering relief to renters in a region long characterized by high housing costs.
In Pasadena, one-bedroom apartments are available for $2,110 and two-bedroom units for approximately $2,700, representing a 5% decrease from the previous year. Across the broader Southern California region, rents dropped 0.4% overall, with median prices for one-bedroom apartments now at $1,921 and two-bedroom units at $2,359, according to June data from ApartmentList cited in reports.
Specific listings reflect these lower price points. A one-bedroom apartment on West Sunset Boulevard spanning 850 square feet is listed for just under $2,200. Another one-bedroom unit near Mid City is priced at $2,050 according to Zillow. In the 20 cities where rents increased, however, prices were notably higher, with one-bedroom apartments averaging $2,146.
San Diego and the Inland Empire have experienced particularly steep rent reductions, with 63% and 54% of cities in those areas respectively seeing price declines.
The rental decreases stem from a combination of economic factors. A cooling economy has reduced demand for housing, while landlords struggle to fill vacant apartments. Simultaneously, ongoing construction continues to add new units to the market, increasing supply and putting downward pressure on prices.
For California residents, the rent reductions provide some respite from the state's persistently high cost of living and elevated home prices.
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