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.
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%.