Norwalk rents continue upward climb
The swimming pool at the Villa del Sol apartments in Norwalk.
NORWALK – Norwalk rents have increased 0.4% over the past month, and are up moderately by 2.0% in comparison to the same time last year.
Currently, median rents in Norwalk stand at $1,520 for a one-bedroom apartment and $1,960 for a two-bedroom.
Norwalk’s year-over-year rent growth leads the state average of 1.8%, as well as the national average of 1.2%.
The figures were compiled by Apartment List, an online database of rental listings.
Throughout the past year, rent increases have been occurring not just in the city of Norwalk, but across the entire metro. Of the largest 10 cities that we have data for in the Los Angeles metro, all of them have seen prices rise.
Here’s a look at how rents compare across some of the largest cities in the metro.
Lancaster has seen the fastest rent growth in the metro, with a year-over-year increase of 4.5%. The median two-bedroom there costs $1,770, while one-bedrooms go for $1,370.
Los Angeles proper has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,750; rents grew 0.2% over the past month and 1.3% over the past year.
Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,700; rents increased 0.6% over the past month and 2.8% over the past year.
As rents have increased moderately in Norwalk, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Norwalk is less affordable for renters.
Rents increased moderately in other cities across the state, with California as a whole logging rent growth of 1.8% over the past year. For example, rents have grown by 2.2% in San Jose, 1.1% in San Francisco, and 1.0% in San Diego.
Norwalk’s median two-bedroom rent of $1,960 is above the national average of $1,180.
Nationwide, rents have grown by 1.2% over the past year compared to the 2.0% rise in Norwalk.