West Hollywood rents plummeted between May 2020 and May 2021 as the COVID pandemic was beginning to unfold.
WeHo saw the largest drop among all the cities in L.A. County, with rent falling 6.56% to an overall average of $1,910 per month, as reported by CrossTown LA.
But prices have rebounded since then. As of May 2021, the average cost of rent in WeHo is $2,656 for an approximately 700 square foot apartment, according to Rent Cafe.
The cost of a home in WeHo remains one of the highest in the nation: $1.125 million as of June 2021, almost 35 percent higher than last year.
All is extremely relative.
Prices are extremely high and appear to have remained so, because they ARE. When looking, I could find 400sf studio apartments that cost more than mine, where I have 850 sf.
CAUSE & EFFECT have been switched. But the pandemic suffering & deaths will seem like nothing when they lift the EVICTION MORATORIUMS end. ONE EVICTION ON A PERSONS RECORD WILL MAKE EVER BEING ABLE TO RENT AN APARTMENT ANYWHERE. I don’t rent & have sympathies for the small landlords who live on site in an 8–10 unit building. Just pointing out a fact, the answer and extent of massive homeless of people who never lived anywhere but a home, IS UNKNOWN TO ME. But trying to formulate rational lower rents and more vacancies without putting Pandemic at the top, is… Read more »
If we take these figures at face value, the headline should read, “WeHo rents skyrocket 39% between May 2020 and May 2021.” That’s more than a rebound, right? As for that “nosedive” in the headline, I think a 6% drop during the depths of the pandemic is not much of a nosedive after all. But I don’t think we can take those figures at face value because they compare two different things: the average WeHo apartment rent vs. a 700-square foot average apartment rent. And those figures come from two different sources that may not be reporting the same data.… Read more »
My observations of being a resident of West Hollywood for over 10 years and before that Los Angeles Westside where I was priced out of Westwood and Santa Monica. My sentiments are like radii and CR. Radii you are so on point, the real estate developers the real estate brokers and the home values for the very fortunate homeowners from two decades ago have seen their fortunes multiply 1000 percent since the housing recession and stock market crash of 2008, meaning home values and rents have doubled to quadrupled in value! Now look in 1 year (Council and people of… Read more »
To specify on the east side of West Hollywood in 2010/2011 when I moved into the city a decade ago the rents were average 1,200 if you lucked out it might be slightly cheaper say 1,100 like mine was on the eastside, a 1 bedroom flat on Sierra Bonita and Romaine. My former apartment I last checked was jumped to market rate $1,800 when I moved out three years ago in 2018 and this is an apartment with wood floors with no amenities building built in 1957! Rents on the eastside are $1,600 (studio) to $2,400 easily today and center… Read more »
It’s funny that some people still don’t get why rents are so high in West Hollywood. The reason why is because now people from not only all over the country want to live there, people from all over the world do. That’s who you are competing with for apartments, the global economy. And we’re also seeing tons of people sharing the rent on a space that was designed for one person. This has been going on for years now.
Rents are still $1000 a month too high … they skyrocketed in 2008-2009 during the mortgage meltdown and never stopped going up – it is a ridiculous bubble … but especially in L.A. real estate developers are the real rulers and boy have they struck gold since ’08
Radii read my comment above, you are so on point the real estate developers the real estate brokers and the home values for the very fortunate homeowners from two decades ago have seen their fortunes multiply since the housing recession and stock market crash of 2008, now look in 1 year (Council and people of Weho heed this statistic) the city of West Hollywood and the homeowners and landlords rebounded in rents appreciating while we were still in a 18 month long pandemic, while those who are not have not rebounded and yet it will get worse, and as radii… Read more »
Rents are still obscene. The new FITZ on Fairfax is asking a minimum of $4,600 for a one bedroom apartment. New apartment buildings are rising in WeHo and in Hollywood. The rents are insane. Who has the money to afford these apartments? And the horrible irony is that sometimes within a half a block of these new and outrageously expensive apartments/condos is an encampment of homeless people. Something is VERY wrong with this picture !
Sorry- but I don’t remotely believe this.
The last time I checked – last year, I believe, the median rent was around $1450- 1500.
House rentals are in the $2800 range.
I have been checking rents online and rents haven’t dropped at all since I started checking. Earlier this year.
Rent cafe is a reputable site. Housing experts rely on it to give estimates of housing. It is accurate since rents have doubled from 12-10 years ago. Radii is absolutely right. Weho rebounded because people with income don’t want to buy homes but save and pay double rents while pricing out fixed income long term rent control renters. The economic collapse of 2008/2009 caused havoc on renters and the stock was then available to higher income individuals who wanted to rent and save up in salary or do things with extra money and the mortgage was too risky so they… Read more »