LOS ANGELES (CBSLA) — For many renters, it is welcome news that rent prices are on the decline in Los Angeles and Orange County after nearly 10 years of rent hikes.
The reason for the drop in costs is the pandemic, but some experts say the effects could be here to stay.
A trend Brian Griffin, a realtor with Compass Real Estate, identified during this pandemic is that people are opting to leave L.A. for more affordable cities and to be closer to family, or have decided to purchase property instead.
“We’re actually seeing people moving out of the apartments and condos and they are purchasing something, which is actually driving the strong housing market here in L.A. and causing vacancies in apartments and condos,” Griffin said. “You can work remotely… You just have to be on that Zoom call and you can take that Zoom call in Montana, take it in Utah.”
Griffin says the market is filled with uncertainty as so many people are during these unprecedented times, but he says, expect rent to continue to drop.
“During coronavirus, you just have a market that’s full of uncertainty and that’s really why rents are coming down,” he said.
For people who aren’t impacted by the rent decrease, Griffin says it may be an option to renegotiate your rent to match the market.