Downey rents rise modestly as many regional cities see declines

A one-bedroom apartment is advertised for rent in Downey. The city’s median asking rent for a one-bedroom unit was $1,930 in August, up 2.1% from a year earlier, according to a Zumper housing report.

DOWNEY — One-bedroom asking rents in Downey rose 2.1% over the past year, bucking declines in many Southern California cities, according to a Zumper housing report released Monday.

The median asking rent for a one-bedroom unit in Downey was $1,930 a month in August, down 0.5% from the previous month. Two-bedroom units had a median asking rent of $2,500, unchanged from the previous month and up 0.4% from a year earlier.

Downey ranked 22nd among the 30 cities surveyed, with the most expensive city ranked first. Its one-bedroom median was $137 below California’s statewide median of $2,067. Fourteen of the cities surveyed had one-bedroom rents below the state figure.

The report analyzed rental listings that came onto the market in August, grouping them by city to calculate median asking rents. The figures reflect advertised prices for available rentals, rather than what all existing tenants pay.

Downey’s one-bedroom median was lower than Los Angeles’ $2,170 and Alhambra’s $1,940, but higher than Inglewood’s $1,860 and Long Beach’s $1,830.

Downey was one of eight cities in the report where one-bedroom rents increased from a year earlier. Santa Ana recorded the largest annual increase at 4.8%, followed by San Bernardino at 4.7% and Riverside at 4%.

Oxnard had the steepest annual decline in one-bedroom rents, falling 11.6%. Beverly Hills followed with a 7.3% decrease, while Glendale’s median dropped 6.5%. Los Angeles recorded a 4% decline.

Santa Monica remained the most expensive city surveyed for one-bedroom rentals, with a median asking rent of $2,860. Irvine followed at $2,790 and Beverly Hills at $2,780.

Corona had the lowest one-bedroom median at $1,480, followed by San Bernardino at $1,550 and Palmdale at $1,580.

Monthly changes varied across the region. San Bernardino’s one-bedroom median rose 6.2%, while Corona’s fell 5.7%. Downey’s 0.5% monthly decline represented a modest easing in asking rents despite its year-over-year increase.