There are 27 renters vying for every vacant apartment in Eastern Los Angeles County, including Pasadena. This, according to a recent study by rentcafe.com, makes the area the 20th most sought-after rental market in the entire country, and one of the most competitive ones in California.
For purposes of their study, rentcafe defined Eastern Los Angeles County as Pasadena, Long Beach, Los Angeles, West Covina, Pomona, Rowland Heights, El Monte and Downey.
The study looked at the number of renters competing for an apartment, the number of days rentals were vacant, the percentage of new apartments built, and then the share of renters that renewed their leases and occupancy rates.
The 27 competing renters for every apartment is the second highest in the nation, following Miami with 30 prospective renters. The nationwide average is 14 prospective renters.
At the same time, in a startling demonstration of the power of new housing, only 16 renters were competing for the same apartment in Western Los Angeles, thanks to a 1.3% growth in new apartments delivered at the beginning of this year.
In Eastern LA County, the share of new apartments completed in 2022 makes up only 0.7% of the entire available stock—the exact same as the national average.
Apartments that became vacant in the first part of the year in Eastern LA County were filled within a little over 35 days. By comparison, the average U.S. apartment that became vacant was filled within 35 days in the first part of 2022. Eastern LA also holds one of the top occupancy rates in Southern California— as high as 98%.
As finding a new apartment proves more and more difficult, more than 40 percent of East Los Angeles County renters opted to renew their leases rather than move into a new apartment or become homeowners.
The figure is far below the national average of 62%, according to the study.
On a national level, U.S. apartments that became vacant were filled within 35 days on average in the first part of 2022, with 14 renters competing for one apartment to secure a lease.
In addition, 95.5% of rentals were occupied during the same time period, especially as almost two-thirds of renters opted to renew their leases rather than move into a new apartment or become homeowners.
Currently, the average rental rate for an apartment in Pasadena is $2912 monthly for an 859 square-foot apartment.
