REAL ESTATE NEWS (Los Angeles, CA) — Are rent prices going up or down? Staying the same? Let’s take a look. According to the MLS statistics for Downtown L.A. and nearby loft neighborhoods 23, 42 and 1375, rents are rising substantially. Urban L.A. housing is getting more pricey:
There were 61 lofts leased last November 2021. An average of 42 Days On Market (29 days Median). Median rent price $2,700. Average $3,073.
This November of 2022, there were only 55 units leased. They were on the market for an average of 50 days (43 days median). Median rent price $2,975 and average rent $3,510.
While it’s taking a bit longer to find renters, the market is stagnating while lease prices are inflating, with tight rental inventory and significantly higher rent prices than the same period last year. Stagflation is clearly still the name of the game, with a declining economy and higher prices aiming for the moon, with no end in sight.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.