Rents in Los Angeles have dropped 3% over the past year, marking the sharpest decline of any major city in California, according to a new report from the nonprofit news outlet Crosstown L.A.

The median rent for a one-bedroom apartment in L.A. is currently $1,872 per month and $2,388 for a two-bedroom apartment, based on data compiled by Apartment List.

For comparison, the median rent nationwide is $1,233 for a one-bedroom unit and $1,389 for a two-bedroom unit.

L.A.’s decline outpaces San Diego and San Francisco, which saw rents fall by 2.5% and 2% over the past year, respectively. Other major metropolitan areas, including New York City, Chicago and Philadelphia, have all seen rents increase.

“The pendulum swung again in the other direction. And we’re back now in a period where rent prices are falling,” Rob Warnock, senior research associate at Apartment List, told Crosstown L.A.

Among the factors, Warnock says construction projects that were delayed early in the pandemic have been completed within the past year, providing a surge of new housing options. Also, the rush of residents returning to downtown L.A. and other densely populated areas has run its course, he says.

“More housing options, coupled with fewer people looking to move into those new homes,” said Warnock, “creates this environment where landlords don’t really have a lot of opportunity to raise rents.”

Also in the Southland, Apartment List data shows rents have fallen 7.1% in West Hollywood, 4.2% in Santa Monica and 1.8% in San Clemente and Huntington Beach over the past year, while they have climbed approximately 3% in Mission Viejo, Orange and Costa Mesa.