But, with California’s June 15 reopening and many entertainment companies set for an in-person return in late summer or early fall, the market does appear to be rebounding as those who left flock back to L.A.
According to online apartment finder Zumper, median L.A. rents in May stood at $1,970 for a one-bedroom and $2,670 for a two-bedroom. By comparison, in April 2020, Zumper found one-bedrooms averaging $2,250 and two-bedrooms averaging $3,040. December 2020 marked the first time since 2016 that median rent for a one-bedroom apartment dipped below $2,000, and March 2021 saw the first one-bedroom rent increase in a year.
These trends come just as L.A. County extended California’s eviction moratorium, originally set to expire June 30, through September, which Carberry says could result in more available units and continued raised rates when it is eventually lifted. Sussman says, “It’s going to be a reversal of the downtrend we’ve seen.”
Campbell says he is starting to look for places on the Westside, while Mariah Wilson, another Verve assistant, is moving back to L.A. from her home in San Diego and looking for “a bigger space.”
as opposed to how cool its been for years?