New report says Santa Monica has the nation’s highest rental prices
When it comes to pricey rental markets, the greater Los Angeles area is certainly up there, but renters in other metro regions such as New York and San Francisco have reliably paid significantly higher rates compared to LA.
Specifically, Santa Monica is leading all other rental markets with median monthly prices of $4,799 for a one-bedroom unit. That’s significantly higher than prices in second-place New York, where median rents run $4,562 per month. Venice, which the report treats as a separate market from Los Angeles (even though it’s not its own city yet), is fifth on the list, with median rents of $3,922.
An Apartment Guide spokesperson tells Curbed that to get rental figures, the site compiled active November listing prices from their site and those prices seem a bit high when compared to other rental reports we’ve seen recently.
For instance, a survey of LA-area neighborhoods released by Zumper in November listed the median price of a two-bedroom unit in Santa Monica as $4,330.
Since the report compares specific LA neighborhoods to cities like New York and San Francisco, the price figures don’t totally reflect the greater Los Angeles market.
Still, the data accentuates the fact that Westside locations are quickly becoming some of the priciest rental markets in the nation. Playa Vista and Marina del Rey placed 17 and 18 on the list, with median rents of $3,327 and $3,320, respectively.
Overall, more than half of the top 50 rental markets are in California. Other pricey LA-area neighborhoods include West Hollywood ($3,180), Culver City ($3,161), and Hollywood ($3,110).