According to the latest report from Rent.com, rents in LA, Orange County, and Long Beach are up 1.65 percent year over year -- a lower price point than what researchers expected.
Experts say we are now getting back into the normal pre-pandemic seasonal changes, where rents rise in the summer and then fall off once the school year is underway.
And what's causing prices to stabilize now? It's said to be a decreased demand that could be fueled by a weaker housing market, with record high interest rates. Leckie explained the price stabilization as a decrease in demand with fewer people moving, just sticking with what they already have. Anna Booher moved to Los Angeles from Illinois 10 years ago and says she's just learned to live with high rents."It was overwhelming, but I accepted it because I love living here."
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