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Santa Monica Rents Continue to Rise, New Survey Finds
By Niki Cervantes
July 5, 2017 -- Santa Monica apartment rental rates -- already among Southern California's highest -- inched up 1.1 percent in June, marking the fifth consecutive month rents have increased, a new survey has found.
The city’s rents were up moderately -- or 4 percent -- compared to the same time last year, according to the report by Apartment List, a heavily used site for people hunting for dwelling units throughout the country.
Currently, median rents in Santa Monica are $1,650 for a one-bedroom apartment and $2,120 for a two-bedroom.
In Southern California, the survey cites four other cities with median rents for two-bedroom apartments higher than Santa Monica.
They are Laguna Beach, where median rents jumped 12 percent -- the highest in Southern California -- to reach $2,670 for a two-bedroom unit.
Following were Irvine, at $2,610; Santa Clarita, at $2,470; and Huntington Beach, at $2,360.
Among some of the nation’s most big popular cities, Santa Monica also continues to occupy a high rental perch.
No. 1 on the list was San Francisco, with a monthly median rental of two-bedroom apartments of $3,020 (a slight decrease year to date), followed by New York City, at $2,480.
Also on the list is Boston, at $2,090; Seattle, at $1,680; and Washington D.C., at $1,540.
After shaking off the winter blues, Santa Monica followed a nationwide trend of small hikes in February, the report said, with slow growth afterward.
California as a whole logged rent growth of 4.2 percent over the past year, about twice the national rate of growth.
Other highlights of the report:
Pomona has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,460; the city has also experienced the fastest rent growth in the metro area, with a year-over-year increase of 9.3 percent.
In the last month, Glendale has seen the biggest rent drop in the metro area, with a 0.6 percent decline. The median price of a two-bedroom unit was $1,760, while one-bedrooms go for $1,370.
In the rest of the state, Fremont is the most expensive of all California's major cities outside the Los Angeles metro area, with a median two-bedroom rent of $3,550.
Sacramento, Chula Vista, and Fresno have all experienced year-over-year growth above the state average (8.2 percent, 6.7 percent, and 5.5 percent, respectively).
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