Rental Market Update – October 2022

Published On: October 13, 2022156 words0.8 min read

Less people are moving locally so rents may have reached a near-term plateau depending upon the property and price-point. A plateau is to be expected as local rents have run up 30% to 40% over the last 3 years. I see less demand for single-family homes priced between $4,500/month and $6,500/month. That said the nicest homes in the best neighborhoods are still in short supply and going fast. With local studio apartments starting at $2,100/month, the demand for granny flats and ADU’s is still strong. As an alternative to apartment living, tastefully converted two-car garages (350 ft +-) with full kitchens and laundry are going for $2,100/month plus. I’ve you or a loved one is tired of tenant hassles our Full-service property management service is affordable, prices start at $175/month.

Los Angeles is number 2 on the list of least affordable big cities for tenants with rents accounting for 40.7% of household income, number 1 on the list is Miami at 46.5%.

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