March 26, 2018 -- A typical two-bedroom apartment at market rates in Santa Monica required a yearly income of $111,000 last year, according to an annual update on the state of the City’s troubled rent control system.

It also shows dramatic rent differences in apartments that haven’t been vacated under the 1995 Costa-Hawkins Rental Housing Act and are still pegged to the 1979 caps on rent.

Median market rates are about double the monthly rent paid by tenants who occupied their units before the law -- which allows landlords to charge market rates for most vacated units -- went into full effect in 1999.

Median monthly rents for units occupied before Costa-Hawkins were $786 for a studio (compared to $1,498 under market rates), $900 for one bedroom (compared to $1,907), $1,143 for two bedrooms (compared to $2,505) and $1,460 for three bedrooms (compared to $3,200).

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