Los Angeles’ average rent fell 3% in May from a year earlier as coronavirus infected the economy

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Los Angeles Times (June 5, 2020) -- The average asking rent for an apartment in Los Angeles County fell last month from a year earlier, according to RealPage, a major real estate data provider.

The 3.3% decrease to an average of $2,254 for all sized units followed a 0.8% drop in April and reflects how the coronavirus-related economic downturn is sweeping through the rental housing market.

Some landlords and property managers said they’re giving concessions such as a month of free rent or dropping their asking price to get units filled as concern over the economy grows.

Read more at: Los Angeles Times

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