DALLAS, TX--(Marketwired - November 19, 2014) - The Los Angeles-area apartment market continued its growth spurt in October 2014, after a bit of a glitch in September, according to Axiometrics, the leader in apartment market research and analysis.
Annual effective rent growth in the Los Angeles-Long Beach-Glendale Metropolitan Division was 5.0% in October, the fourth month out of the past five in which it has increased. October's rate represents a 58-basis-point (bps) rise from the 4.5% of September and 167-bps increase from the 3.4% of October 2013.
And, for the first time, the average monthly rent in Los Angeles surpassed $2,000. October's average rent of $2,003 was $111 more than the $1,892 of one year ago.
Suburban areas also experienced significant effective rent growth. Rents in the Inland Empire increased 97 bps from September to October, rising from 4.7% to 5.6%. October's figure was 294 bps above the 2.7% of October 2013, representing dollar amount growth from $1,232 to $1,293.
The Oxnard-Thousand Oaks-Ventura division's 7.2% annual effective rent growth was the highest in the region and 82 bps above the September rate of 6.4%. October's rate was 451 bps above the 2.7% of October 2013. Average month rent increased from $1,649 a year ago to $1,765 in October 2014.
Orange County rents are on a six-month growth streak, ending October 2014 at 4.1%, 10 bps over the 4.0% of September and 29 bps above the 3.9% of October 2013. Though growth has been slower than the other L.A.-area metros, Orange County sported the second highest rent in the area, $1,847 in October 2014, compared to $1,762 in October 2013.
"With occupancy above 96% in all four L.A.-area metros, landlords are motivated to push rents," said Stephanie McCleskey, Axiometrics Vice President of Research.
About Axiometrics
Axiometrics improves property and portfolio performance for apartment investments. Confident investment decisions begin with reliable, timely information. No one has more accurate, detailed, and up-to-date research on the apartment and student housing markets. Learn more at www.axiometrics.com or by calling 214-953-2242.
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Contact Information:
Contact:
Ross Coulter
214-394-5538
ross@mpdventures.com
