Southern California is home to 17 of the nation’s most expensive cities for renters, according to recent data from ApartmentList. The study examined rental prices in 610 U.S. cities, with a focus on the three months ending in October. In this analysis, California dominated with 38 of the 50 priciest cities, split between 17 in the south and 21 in the north.
Newport Beach emerged as Southern California’s most expensive city, with an average rent of $3,360 per month, ranking third nationwide and showing a 24% increase over the past six years. Other costly cities in the region include Lake Forest at $3,216, Irvine at $3,090, and Aliso Viejo at $2,998, which saw the highest six-year increase at 40%.
The report highlights that while some regions in the U.S. are experiencing a decline in rent prices due to increased multifamily construction, Southern California remains an exception. Here, the demand for rental properties continues to outpace supply, driven by factors such as high ownership costs and a limited number of new units.
Despite a national trend of declining rents, Southern California’s rental market remains robust, with significant increases in many cities. The region’s priciest cities continue to attract renters, keeping demand high and prices elevated.
Daily Breeze reports that this trend is likely to persist as the supply of new rental units remains limited.
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