It took a pandemic to make it happen, but Los Angeles and Santa Monica rental prices appear to be on the way down for the first time since the Great Recession, according to a new report from real estate data tracker CoStar.

Between the first week of February and today, rental prices in LA fell from $2.51 per square foot to $2.49 per square foot, on average. That amounts to a roughly $15 price reduction for a 750-square-foot one-bedroom apartment.

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