The average asking rent declined 3.3% in May year-over-year
The Real Deal (June 8, 2020) -- The average asking rent in Los Angeles County declined 3.3 percent in May year-over-year, the first major drop in rent since the Great Recession a decade ago.
Data from RealPage shows asking rent dropped to $2,254 for units of all sizes, according to the L.A. Times. The drop followed April’s 0.8 percent year-over-year decline, the first since 2010.
The coronavirus pandemic resulted in a “big dropoff in overall demand,” according to RealPage chief economist Greg Willett.
The data comes with some caveats. RealPage’s data reference only professionally managed apartments and not those owned by smaller mom-and-pop landlords, who typically charge lower rent.
Read more at: The Real Deal