from Zumper suggests that one-bedroom rents in Los Angeles dropped 0.9 percent from May to June, amounting to a median price of $2,150 per month. Compared to the same period last year, rents have fallen 3.6 percent \u2014 a not-insignificant tumble in a city that hadn\u2019t seen rent prices fall in 10 years up until just a few months ago.<\/span><\/p>\nMedian rent prices for two-bedroom apartments declined 0.7 percent month-over-month to $2,960. That\u2019s down 5.1 percent from June 2019 levels and a savings of $150 per month or $1,800 per year.<\/p>\n
\u201cAs the pandemic persists on, the demand for rentals has continued to shift away from [pricey] areas and a significant amount of that demand seems to be moving toward neighboring, less expensive areas,\u201d explains the report.<\/p>\n
The California cities that have experienced the most pronounced \u201cpandemic pricing\u201d include San Jose and San Francisco, where median rents for one-bedroom apartments plummeted 8.05 percent and 5.25 percent, respectively, between March and June.<\/p>\n
These high-priced rental markets are hubs for the tech industry of Silicon Valley. As more and more companies allow their employees to transition to full-time remote work, an increasing number of renters in the area have begun looking elsewhere for more living space and cheaper rent.<\/p>\n
\u201cThere has been a demand shift away from some of the most expensive markets and the dips in these two markets really highlights this trend,\u201d concludes a corresponding <\/span>Zumper report<\/span><\/a> on pandemic pricing.<\/span><\/p>\n
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