According to a recent piece in the Los Angeles Times, rents in Los Angeles are falling during the COVID-19 pandemic and steadily rising in the Inland Empire.
The shift appears to signify that people might be migrating out to the suburbs for more space during the pandemic. However, housing prices in Los Angeles are rising, as those who can afford to continue to buy homes. One study found that this phenomenon is not unique to Los Angeles— 27 out of 30 large U.S. metro areas saw large rent declines or less growth than the suburbs. But whether these shifts will remain permanent, or significantly alter the suburban/ urban rental divide in the long term, remains to be seen.
What is happening to the rental markets in SoCal? And what about housing generally? Have you considered moving during the pandemic? We’re hearing more now. Join the conversation by giving us a call at 866-893-5722.