Santa Clarita rent has gone up an average of 2.3 percent since the onset of the COVID-19 pandemic, while rent in many major cities across the nation has seen notable declines, according to a new report.
While average rent has fallen in many cities across the county since the start of the COVID-19 pandemic and the accompanying economic slowdown, Santa Clarita is among those cities to have seen a slight increase instead, according to the report from ApartmentList.com
Since March 20, one week after President Donald Trump declared a national emergency in response to the COVID 19 pandemic, rent in Santa Clarita has risen an average of 2.3 percent.
Examining more recent data shows that Santa Clarita rents in October declined a nearly negligible 0.1 percent compared to the month prior, while that figure stands at 0.4 percent nationally.
The slight month-over-month dip in average rent in October is in line with the typical seasonality of the housing market, unlike declines seen earlier in the pandemic, according to the report.
“While rents are down nationally, the effects of the pandemic and its implications for the rental market have varied significantly by geography,” read the report. “Some smaller and more-affordable markets have seen rent growth quickly spring back to life after just a brief dip in the early months of the pandemic. Meanwhile rents in some of the nation’s most expensive cities are continuing to plummet.”
In nearby Los Angeles, average rents were down 6.9 percent compared to March and down 8 percent when compared to October 2019.
Several possible factors have been linked to the growth seen in mid-sized cities while rent in the nation’s largest cities continues to decline, including increased access for employees to work from home and a softening of demand in America’s most expensive cities.
“As the priciest cities lose some of their allure, interest in more affordable mid-sized cities appears to be picking up, potentially driven in part by renters taking advantage of remote work arrangements,” the report reads. “As many of us continue to spend the majority of our time at home, it is unsurprising that some are now seeking out new locations where they can afford more space.”
Indeed, city dwellers have had less access to some of the amenities that help them to justify their high rent costs and some of those that have been laid off or furloughed in these cities likely have little buffer to continue to afford their high rents, softening demand, according to the report.
The data for Santa Clarita used in this article is based on Apartment List’s “Current Month Summary,” which is available for download here, other information from their National Rent Report.
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