Apartment List has issued its Rent Report for the month of October.
In Santa Monica, the overall median rent in the city stands at $2,203, after rising 2.1% last month. Prices remain down 1.4% year-over-year.
The median rent in Santa Monica rose by 2.1% over the course of September, and has now decreased by a total of 1.4% over the past 12 months. Santa Monica’s rent growth over the past year has been similar to both the state (-2.3%) and national averages (-1.2%).
Nine months into the year, rents in Santa Monica have risen 1.6%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to September 2022 rents had increased 10.5%.
If we expand our view to the wider Los Angeles metro area, the median rent is $2,100 meaning that the median price in Santa Monica ($2,203) is 4.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.8%, below the rate of rent growth within just the city.
Among the 26 area cities in the Apartment List database, Marina del Rey is currently the most expensive, with a median rent of $4,715. Long Beach is the metro’s most affordable city, with a median rent of $1,671. The metro’s fastest annual rent growth is occurring in Torrance (4.7%) while the slowest is in Long Beach (-5.1%).
