Downey rental prices continue upward climb
DOWNEY -- Rents in Downey have remained flat over the past month, however, they have increased 2.2% year-over-year, according to statistics released Monday by Apartment List.
Median rent prices here prove to be less affordable than comparable cities nationwide - Downey's median two-bedroom rent of $1,800 is above the national average of $1,180.
Over the past year, rent increases have been occurring not just in the city of Downey, but across the entire metro - of the largest 10 cities that Apartment List has data for in the Los Angeles metro, nine of them have seen prices rise.
Lancaster has seen the fastest rent growth in the metro, with a year-over-year increase of 4.9%. The median two-bedroom there costs $1,760, while one-bedrooms go for $1,370.
Over the past year, Huntington Beach is the only city in the metro that has seen rents fall, with a decline of 1.0%. Median two-bedrooms there cost $2,340, while one-bedrooms go for $1,820.
Los Angeles proper has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,750; rents increased 0.2% over the past month and 1.6% over the past year.
Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,690; rents were up 0.5% over the past month and 2.9% over the past year.
As rents have increased moderately in Downey, large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Downey is less affordable for renters.
Rents increased moderately in other cities across the state, with California as a whole logging rent growth of 2.1% over the past year. For example, rents have grown by 1.7% in San Jose, 1.0% in San Francisco, and 1.0% in San Diego.
Downey's median two-bedroom rent of $1,800 is above the national average of $1,180. Nationwide, rents have grown by 1.4% over the past year compared to the 2.2% increase in Downey.
While Downey's rents rose moderately over the past year, some cities nationwide saw decreases, including Seattle (-2.0%) and DC (-0.1%).
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S.