While apartment rents in West Hollywood are among the highest in the Los Angeles Metro region, they showed a modest 1.8% decline last month over June 2016, according to a study by ApartmentList.com. That was the largest monthly decline among 28 area cities, most of which saw increases.
The median rent for a one-bedroom apartment in WeHo was $1,940 last month according to the study. The median rent for a two-bedroom apartment was $2,500. For the 12 months ending in June, the median rent had increased 1.1% from the same period in 2015-2016. The median rent is the midpoint rent in an area, with equal numbers of apartments renting for less and for more.
“This is the second straight month that the city has seen rent decreases after an increase in April,” says the study. “West Hollywood’s year-over-year rent growth lags the state average of 4.2%, as well as the national average of 2.9%.”
The study found a modest decrease (0.6%) in the monthly median rent in Glendale, whose 12-month rent increased at the same 1.8% rate as that of West Hollywood. The highest month-over-month increase was 0.6% in Burbank. The highest 12-month increase was 9.3% in Pomona. The study found that Pomona has the least expensive rents in the Los Angeles metro area, with a median of $1,460 a month for a two-bedroom apartment.
Median rents and percentage changes of those cities and others in the area are included in the chart below.
Other findings from the study are:
— Pomona has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,460; the city has also experienced the fastest rent growth in the metro, with a year-over-year increase of 9.3%.
— Over the past month, Glendale has seen the biggest rent drop in the metro, with a decline of 0.6%. Median two-bedrooms there cost $1,760, while one-bedrooms go for $1,370.
— Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,610; rents increased 0.3% over the past month and 3.8% over the past year.
— West Hollywood’s median two-bedroom rent of $2,500 is above the national average of $1,150. Nationwide, rents have grown by 2.9% over the past year.
— While rents in West Hollywood remained moderately stable this year, similar cities saw increases, including Seattle (+5.6%), Phoenix (+5.1%), Boston (+3.3%); where median two-bedroom rents go for $1,680, $1,020, and $2,090 respectively.
— Renters will generally find more expensive prices in West Hollywood than most large cities. Comparably, Houston has a median two-bedroom rent of $990, where West Hollywood is more than two-and-a-half times that price.
ApartmentList.com compiles its data by starting with median rent statistics from the Census Bureau. It then extrapolates those numbers forward to the current month using a growth rate that it determines from its listing data.
“Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD,” states an explanation on the ApartmentList.com website. “Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.”