Pasadena rents are down 0.6% month-over-month and up 2.8% year-over-year, according to a recent report from apartmentlife.com.
The median rent in Pasadena fell by 0.6% over the course of February, said the report, and has now increased by a total of 2.8% over the past 12 months. Pasadena’s rent growth over the past year has outpaced the state average (1.6%) and is similar to the national average (3.0%).
As winter ends, and spring begins, rents in Pasadena have fallen 0.6%, a slower rate of growth compared to what the city was experiencing at this point last year—from January to February 2022, rents had decreased 0.1%.
Over the Greater Los Angeles metro area, the median rent is $2,078, according to apartmentlife.com. Thus, the median price in Pasadena ($2,125) is 2.2% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.5%, below the rate of rent growth within just the city.
Although spring is quickly approaching, December 2022 saw rent price gains decline for the eighth straight month on an annual basis, according to a recent report by Corelogic, a global estate data company.
Despite the decline, the 6.4% national increase was still higher than pre-pandemic levels, said the report.
“U.S. single-family rental price growth closed out 2022 at about half of what it was one year ago,” said Molly Boesel, principal economist at CoreLogic.
“However,” Boesel added, “while rent growth has been slowing, it still rose at more than double the pre-pandemic rate. Rental price gains began increasing near the end of 2020 and have risen by about an average of $300 in the past two years. Annual single-family rent growth is projected to slow throughout 2023, but it will likely not decline by enough to wipe out gains from the past two years.”
