The year 2015 was largely a perfect storm for rising rent prices across the United States. The overall population of renters increased (both young and old), vacancy rates dropped to historic lows, and new construction in many urban areas failed to keep up with net migration.
Los Angeles, one of many cities that saw a substantial increase, experienced an 11.6% appreciation in the year. The map below depicts how prices for a one bedroom apartment changed in each neighborhood over the course of this year.
Percent change of one bedroom median asking rents
The majority of LA neighborhoods saw prices appreciate this year. Areas with the largest increases included Santa Monica (+17%), Downtown LA (15.7%), and Westwood (+15%). and much of the area bounded by Westchester, Ladera Heights, and Congress North.
Only four neighborhoods in the city saw drops in 2015 – Pacific Palisades dropped 7.2% in the year, yet still remains the 12th most expensive neighborhood in the city with a one bedroom median of $2,320. Bel Air/Beverly Crest saw a dip of 11.5% to $2,300, Culver City slid 5.2% to $1,930, and Hollywood Hills West dropped 2.2% to $1,820.
If you’re interested in seeing how these changes compare to the rest of the United States, view our December National Rent Report, which analyzes over 1 million active listings available in the month prior to publication.
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