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The Los Angeles Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
The first half of 2020 did not see any significant gains or losses in active listings and mostly corrected itself month-over-month. Listings spiked in June and October and held steady through the end of 2020. Listings for the first two months of 2021 reported less volatility than 2020. After a 29% increase in March, April followed with a 21% decrease. May reported only a 3% decrease.
January of 2020 posted strong demand in Los Angeles with a 142% increase from December of 2019, and nearly 25 leads per property reported. Demand waned for the rest of the quarter and picked back up in May with a 64% increase, and no significant losses reported until September. Almost half of that gain was lost throughout the end of 2020 and continuing into 2021. In 2021, the last two months finally began to see an increase as the rental season hits.
Year-over-year the average rent amount for a two-bedroom listing is down over $300. July of 2020 posted the highest amount which correlates with demand at the time. 2021 rent prices have stayed close to the averages of last year, with June coming in lower at $2,467.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
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