Insights from the report reveal a shifting and more costly local rental housing market. Rents for new tenancies saw a downward trend during the pandemic and are now showing increases. For 1- and 2-bedroom units, which make-up 82 percent of the controlled housing stock, median rents for new tenancies rose 8.7 percent and 13 percent respectively, as compared to a year earlier. The median starting rent for a 1-bedroom unit increased $200 to $2,500, and the median starting rent for a 2-bedroom unit rose nearly $400 to $3,400. Record high starting rents were set for all unit sizes in 2022 except 3-bedroom and larger units, which were only higher in 2020.

Read More: https://www.santamonica.gov/press/2023/04/20/santa-monica-rent-control-releases-annual-report