Santa Monica rents dipped by -0.7 percent in February, marking the sixth straight monthly drop, with the median rent now standing at $2,157, according to a report released by Apartment List on Tuesday.

The dry spell reflects a national trend that saw rents decline by 3.4 percent from August to January, marking "the sharpest dip in the national median rent over any five-month period in the history of our estimates," the report said.

Despite the monthly decreases, Santa Monica rents have risen by 5 percent over the past year and continue to outpace the average rent growth of 1.6 percent for California and 3 percent for the nation.

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2023/February-2023/02_28_2023_Santa_Monica_Rents_Drop_for_6th_Straight_Month.html