"The forces that suppressed the market in recent years seem to have ended," the report said. "One factor may have been the unusually high number of units rented in 2021 (3,693 units), resulting in fewer units available for rent in 2022.

"The number of new tenancies established and registered with the Agency in 2022 (2,139 units) was the lowest in recent years. Market demand and a relatively lower number of units offered for rent may have fueled the rise in initial rents."

Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2023/April-2023/04_20_2023_Prices_Climb_Turnover_Persists_for_Rent_Controlled_Units.html