Rent Prices Reach Record High In 2022 In Santa Monica: Report

SANTA MONICA, CA — Renting a place to live in Santa Monica has grown more costly post-pandemic, according to findings from the Santa Monica Rent Control Board's 2022 Annual Report.

Most of the city's rent-controlled housing properties, about 82 percent officials said, are one and two bedroom units where rent costs rose 8.7 percent and 13 percent respectively compared to the previous year. The board's report shows all unit sizes except three-bedroom and larger units reached record high prices for starting rents.

"Insights from the report reveal a shifting and more costly local rental housing market. Rents for new tenancies saw a downward trend during the pandemic and are now showing increases," Santa Monica officials said.

The median starting rent for a one-bedroom apartment in Santa Monica increases $200 from 2021 to reach $2,500 and the median for two-bedroom units increased nearly $400 to $3,400.

According to the report, to rent a studio-size apartment in the city a tenant would need to have an annual income of about $115,000 if they spent no more than 30 percent of their income. To afford a two-bedroom unit, they would need to make $150,000 annually.

Almost half of Santa Monica's 27,600 rent-controlled units are occupied by tenants who moved in between 2016 and 2022 according to the report. Those who move in before 1999 made up less than a quarter of tenants.

"Relative to tenants who started their tenancies in Santa Monica last year, tenants who stay in place pay hundreds if not thousands of dollars less for similarly sized units," officials said.

Despite the rise in prices, officials said the number of evictions in Santa Monica has gone down to 22 compared to 98 evictions from 2015 to 2019. Officials said the city's eviction moratorium, which prevented evictions of tenants through the end of April, may be the reason for the drop in numbers.

The complete reportcan be found on the city of Santa Monica's website.