Southern California apartment rents hit record highs in the spring, two new market reports show.
In Los Angeles County, asking rent averaged $1,647 a month during the second quarter, up $82 or 5.2 percent from a year earlier, real estate data firm Reis Inc. reported.
That was the 13th highest rent among 82 U.S. metro areas Reis tracks.
Average asking rent in the Inland Empire was $1,204 a month, up $37 or 3.1 percent to 25th highest out of 82 metros. Orange County’s rent averaged $1,770 a month, up $62 or 3.6 percent to the ninth highest level.
A separate report by Real Answers, which tracks mainly pricier, large complex apartments, also showed rents at all-time highs: $2,142 a month in Los Angeles County, $1,359 a month in the Inland Empire and $1,946 a month in Orange County.
Both Reis and Real Answers show the Inland Empire had the region’s lowest vacancy rates: 2.8 percent of apartments surveyed were available, according to Reis; 3.9 percent were available, according to Real Answers.
Los Angeles County’s vacancy rates were 3.5 percent to 4.7 percent, the two surveys showed. Orange County’s were 3.6 percent to 4.4 percent.
Among cities, Santa Monica’s average rent of $3,737 a month was the highest in the region in the second quarter, followed by Marina del Rey’s average of 3,034 a month, Real Answers reported.
In Indio, which had the region’s most economic apartment rents, the average apartment was available for about a fourth the cost as in Santa Monica: $883 a month.
Contact the writer: 714-796-7734 or jcollins@ocregister.com
Apartment rents, vacancy rates
|
Reis Inc. |
Real Answers |
|||||
|
Area |
Avg. Rent |
1 yr ch |
Vac. |
Avg. Rent |
1 yr ch |
Vac. |
|
Los Angeles County |
$1,647 |
5.2% |
3.5% |
$2,142 |
4.9% |
4.7% |
|
Inland Empire |
$1,204 |
3.1% |
2.8% |
$1,359 |
5.6% |
3.9% |
|
Orange County |
$1,770 |
3.6% |
3.6% |
$1,946 |
5.3% |
4.4% |
Sources: Reis Inc. and Real Answers
