Downey rental prices up 2.3% in past year
DOWNEY – Rental prices in Downey remained flat over the past month, although they have increased 2.3% year-over-year, according to statistics released Monday by Apartment List.
Currently, median rents in Downey stand at $1,390 for a one-bedroom apartment and $1,790 for a two-bedroom. Downey's year-over-year rent growth lags the state average of 2.9%, but exceeds the national average of 2.0%.
Throughout 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. Here's a look at how rents compare across some of the largest cities in the metro:
■ Irvine has seen rents fall by 0.3% over the past month, the biggest drop in the metro. It's also the most expensive city in the Los Angeles metro with a two-bedroom median of $2,680.
■ Garden Grove has seen the fastest rent growth in the metro, with a year-over-year increase of 8.5%. The median two-bedroom there costs $2,100, while one-bedrooms go for $1,630.
■ Los Angeles proper has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,740; rents rose 3.1% over the past year but remained flat month-over-month.
As rents have increased moderately in Downey, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Downey is less affordable for renters.
Rents increased significantly in other cities across the state, with California as a whole logging rent growth of 2.9% over the past year. For example, rents have grown by 3.1% in San Jose, 2.8% in San Diego, and 1.4% in San Francisco.
Downey's median two-bedroom rent of $1,790 is above the national average of $1,170. Nationwide, rents have grown by 2.0% over the past year compared to the 2.3% increase in Downey.
While Downey's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+2.9%), Houston (+2.8%), and Boston (+2.1%).
Renters will generally find more expensive prices in Downey than most large cities. For example, Houston has a median 2-bedroom rent of $1,020, where Downey is more than one-and-a-half times that price.