108 2 Bedroom Apartments for rent in Santa Monica, CA
March 2020 Santa Monica Rent Report
Welcome to the March 2020 Santa Monica Rent Report. Santa Monica rents increased over the past month. In this report, we'll evaluate trends in the Santa Monica rental market, including comparisons to cities throughout the metro, state, and nation.
March 2020 Santa Monica Rent Report
Welcome to the March 2020 Santa Monica Rent Report. Santa Monica rents increased over the past month. In this report, we'll evaluate trends in the Santa Monica rental market, including comparisons to cities throughout the metro, state, and nation.
Santa Monica rents held steady over the past month
Santa Monica rents have increased 0.1% over the past month, and are up significantly by 5.0% in comparison to the same time last year. Currently, median rents in Santa Monica stand at $1,740 for a one-bedroom apartment and $2,236 for a two-bedroom. Santa Monica's year-over-year rent growth leads the state average of 1.6%, as well as the national average of 1.7%.
Rents rising across the Los Angeles Metro
Throughout the past year, rent increases have been occurring not just in the city of Santa Monica, but across the entire metro. Of the largest 10 cities that we have data for in the Los Angeles metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Irvine has the most expensive rents in the Los Angeles metro, with a two-bedroom median of $2,812; the city has also seen rent growth of 4.5% over the past year, the fastest in the metro.
- Over the past year, Huntington Beach has seen the biggest rent drop in the metro, with a decline of 1.1%. Median two-bedrooms there cost $2,353, while one-bedrooms go for $1,831.
- Lancaster has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,640; rents grew 0.2% over the past month and 3.2% over the past year.
Many large cities nationwide show more affordable rents compared to Santa Monica
As rents have increased significantly in Santa Monica, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Santa Monica is less affordable for renters.
- Rents increased slightly in other cities across the state, with California as a whole logging rent growth of 1.6% over the past year. For example, rents have grown by 1.7% in San Jose, 1.2% in San Diego, and 0.1% in San Francisco.
- Santa Monica's median two-bedroom rent of $2,236 is above the national average of $1,194. Nationwide, rents have grown by 1.7% over the past year compared to the 5.0% rise in Santa Monica.
- While Santa Monica's rents rose significantly over the past year, many cities nationwide also saw increases, including Phoenix (+3.5%), Austin (+3.4%), and New York (+2.2%).
- Renters will generally find more expensive prices in Santa Monica than most large cities. For example, Houston has a median 2BR rent of $1,036, where Santa Monica is more than twice that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.