Los Angeles' average rent fell 3% in May from a year earlier as coronavirus infected the economy

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Los Angeles' average rent fell 3% in May from a year earlier as coronavirus infected the economy
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The average asking rent for an apartment in L.A. County fell last month from a year earlier. Some landlords and property managers say they’re giving a month of free rent or dropping their asking price as concern over the economy grows.

Unfilled potholes, uncollected trash, unmowed grass and, most significantly, fewer cops on the street are some of what the city of Allentown, Pa., says it’s facing unless Washington helps it plug a multimillion-dollar budget hole left by the pandemic.The RealPage data showed declines were focused on the middle and high end of the market, with so-called Class B properties seeing declines of 4.5%, while the top end, or Class A, fell 3.5%.

RealPage predicts rents will drop further in L.A. County, with annual declines hitting 5.6% in the first quarter of 2021.The shift in the market comes after years of steep increases pushed some tenants out of their neighborhoods, while crimping the budgets of others.

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