While there was widespread speculation of plummeting rents in urban areas during the pandemic, Santa Monica remains an expensive city to rent in.
This is also true for new market rate leases on controlled units, which barely dipped over the last year, according to data from the Rent Control Board. Rent controlled units represent over half of the City’s total rental stock and under Santa Monica’s Rent Control laws, units reset to market rate when a tenant vacates an apartment.
Read More: https://www.smdp.com/one-year-into-the-pandemic-rents-remain-expensive-in-santa-monica/202913