The price to rent a place to call home has gone up in Los Angeles County, according to Zillow.
A new report finds that the average rent in the L.A. metro area is $2,891, a 2.3% increase from last year. There is a significant difference between the cost of renting a single-family home and an apartment.
The price of renting a single-family home has risen by 4.7% since 2023, while rental prices for an apartment increased by 1.5%.
According to the report, the rise in price for a single-family home is a reflection of a tightening sales market. Interest rates remain high, causing some buyers and sellers to delay purchasing or selling a home.
The report also finds that an L.A. area renter making the median income — which is $69,778 — would need to spend approximately 36.8% of their income on rent. Vacancy rates for rental units in the area have gone up slightly compared to the same time last year.
This graph shows that vacancy rates have slightly gone up in L.A., compared to last year. Zillow released the report on March 11, 2024. (Zillow) 
The percentage of income needed for rent has slightly decreased in the L.A. metro area, according to a report released by Zillow on March 11, 2024. (Zillow)
Although the price to rent a place in L.A. has gone up, other parts of the country have seen a more significant increase.
Here are the top five metro areas that have seen the biggest jump in rental prices since 2023, according to Zillow.
- Providence, RI: 8.1%
- Cleveland, OH: 6.9%
- Louisville, KY: 6.7%
- Hartford, CT: 6.4%
- Cincinnati, OH: 6.4%
Rent in Manhattan has gone up by 4.3%, while in Chicago, the price has increased by 5.7%.
