Real estate market trends have been analyzed by RTI Properties Inc, Property Management Company for its customers as under.
Rental Trends* in Los Angeles:
The average rent for an apartment stands at $2,265 (789 sq. ft. average apartment size), which is 3% more than the previous year of $2,195. The average rent of Studio (502 sq. ft. average apartment size) apartment is $1,622 per month, while one bedroom (704 sq. ft. average apartment size) apartment at $2,068, two bedroom (998 sq. ft. average apartment size) apartment at a rent of $2,782 per month & 3-bedroom (1,348 sq. ft. average apartment size) at average rent of $ 3,596.
Los Angeles, CA Apartment Rent Ranges are;
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Housing Trends** in Los Angele:
The median home value in Los Angeles is $682,600. The home values have enhanced by 6.1% over the last year and predictions are a further rise of 4.6% next year. The median list price in Los Angeles is $502 per sq. ft. The current median listing price of homes is $799,000 that of sold is $698,500. Foreclosures will continue to affect the home values in the years to come. There are 0.5 homes foreclosed per 10,000 in Los Angeles which is lower to national value of 1.2 %.
Many Foreclosed Homeowners in Los Angeles in Trouble:
The 2008’s Bubble Impact lead to foreclosed homes since the homeowners could not pay their mortgaged houses. The delinquent mortgages in Los Angeles are 0.7%, which is less than the national value of 1.1%. In the U.S., the values of homes crashed to 20 % nationwide with its peak in 2007 and bottom in 2011. Many homeowners are in trouble on their mortgages since they owe more than their home is worth. The percent of Los Angeles homeowners in trouble on their mortgage is 4.3%.
*Based on data updated December 2018.
** Based on data updated October 2018.