109 Luxury Apartments for rent in Santa Monica, CA
August 2019 Santa Monica Rent Report
Welcome to the August 2019 Santa Monica Rent Report. Santa Monica rents declined 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.
August 2019 Santa Monica Rent Report
Welcome to the August 2019 Santa Monica Rent Report. Santa Monica rents declined 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 decline sharply over the past month
Santa Monica rents have declined 1.0% over the past month, but are up slightly by 1.8% in comparison to the same time last year. Currently, median rents in Santa Monica stand at $1,686 for a one-bedroom apartment and $2,166 for a two-bedroom. Santa Monica's year-over-year rent growth leads the state average of 1.1%, as well as the national average of 1.6%.
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, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Santa Clarita has seen the fastest rent growth in the metro, with a year-over-year increase of 4.2%. The median two-bedroom there costs $2,690, while one-bedrooms go for $2,093.
- Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,738; rents increased 0.4% over the past month and 1.2% over the past year.
- Lancaster has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,612; rents decreased 0.5% over the past month but were up 1.2% over the past year.
Many large cities nationwide show more affordable rents compared to Santa Monica
As rents have increased slightly in Santa Monica, a few large cities nationwide have also seen rents grow 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 1.1% over the past year. For example, rents have grown by 1.5% in San Jose, 1.2% in San Francisco, and 0.5% in San Diego.
- Santa Monica's median two-bedroom rent of $2,166 is above the national average of $1,191. Nationwide, rents have grown by 1.6% over the past year compared to the 1.8% rise in Santa Monica.
- While Santa Monica's rents rose slightly over the past year, many cities nationwide also saw increases, including Phoenix (+3.7%), Austin (+3.3%), and Boston (+2.4%).
- Renters will generally find more expensive prices in Santa Monica than most large cities. For example, Houston has a median 2BR rent of $1,034, 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.