A new report has revealed the most expensive and the most affordable neighborhoods for renters across the Los Angeles metropolitan area ascosts have come down for the first time in two years.
While the statewide median for a one-bedroom apartment sits at $2,044, the Los Angeles metro area continues to be defined as an ultra-luxury market that commands prices much higher than that.
The region’s big three —Beverly Hills, Irvine andSanta Monica— remain the primary destinations for those willing to pay a premium for coastal living and prestige,according to the latest Zumper report.
“Looking at one-bedroom rents across the Los Angeles metro reveals a cooling trend, especially in the most expensive and previously overheated markets,” Crystal Chen, a spokesperson for Zumper and author of the national report, told The California Post.
“This widening gap suggests renters are becoming more price-sensitive, trading down on location or space for affordability.”
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Beverly Hills has once again secured its position as the most expensive city in the metro area, with one-bedroom units currently commanding a median price of $2,980. For those seeking more space, the luxury tier in the 90210 ZIP code scales rapidly: two-bedroom apartments now average $4,195.
The rents for Irvine and Santa Monica sit at $2,880 and $2,810, respectively.
The study also highlighted some more affordable options.
San Bernardino was the most affordable city, with one-bedrooms priced at $1,480, and Corona and Riverside coming in second and third at $1,610 and $1,740, respectively.
Source: California Post – Breaking California News, Photos & Videos
