“How expensive?” tracks measurements of California’s totally unaffordable housing market.
The pain: Southern California tenants last year hunted for housing in some of the nation’s tightest apartment markets.
The source: My trusty spreadsheet reviewed a year-end report by RentCafe on rental availability at big apartment complexes nationwide. The data tracked 139 U.S. markets, including six in Southern California.
The pinch
The Los Angeles wildfires have dramatically pushed up demand for Southern California housing as 2025 starts. These apartment stats don’t include this new rush – nor does it include pricing.
Still, the numbers provide clues to the challenges faced last year by folks seeking rentals compared to what a typical American renter goes through. Ponder the differences between last year’s average conditions in these local apartment markets against national patterns.
Southern Californians face fewer options with 5% vacancy vs. 6% nationwide. And there are far fewer new apartments: 2% of the region’s supply was constructed in 2023-24 vs. 4% nationally. That’s a huge factor.
Local apartment seekers seem also picky.
Landlords face renters in the region who aren’t very loyal – only 53% renewed leases last year vs. 62% nationally. That helps explain why vacant units locally stay that way for 43 days vs. 40 across the U.S. and draw an average 12 prospects before being leased.
Pressure points
So in a tough market to shop for a rental, where was the chore most challenging in Southern California in 2024?
Well, think about how local markets in ranked on RentCafe’s scorecard on what’s called “competitiveness” …
“Eastern” Los Angeles: The 19th-most competitive market in the nation due to its 4% vacancy rate. And new units in 2023-24 are 3% of supply. Only 53% of tenants renew their lease. Empty units typically stay that way for 42 days drawing 15 prospects before a new lease is signed. This area includes eastern L.A., Long Beach, Pasadena, West Covina, Pomona, Rowland Heights, El Monte and Downey.
Orange County: No. 33 U.S. – 4% vacancy and 2% new. Renewals? 63%. Empty 41 days with 12 prospects.
Inland Empire: No. 34 U.S. – 6% vacancy and 2% new. Renewals? 54%. Empty 47 days with 13 prospects.
“Northern” Los Angeles: No. 37 U.S. – 5% vacancy and 2% new. Renewals? 55%. Empty 45 days with 11 prospects. Area has Burbank, North Hollywood, Woodland Hills, Van Nuys, Oxnard, Santa Clarita, Lancaster, Northridge, and Canoga Park.
“Western” Los Angeles: No. 48 U.S. – 7% vacancy and 4% new. Renewals? 43%. Empty 43 days with 9 prospects. Area is roughly western L.A. city, Marina Del Rey, Torrance, Santa Monica, Hawthorne, western Hollywood, Culver City and Inglewood
San Diego: No. 62 U.S. – 5% vacancy and 3% new. Renewals? 53%. Empty 39 days with 11 prospects.
Bottom line
Last year was tougher than 2023 for local apartment seekers.
Consider RentCafe’s competitiveness index. Roughly speaking, this yardstick showed equally challenging availability across Southern California on average compared to nationwide trends in 2023.
More robust construction helped to push U.S. competitiveness down 11% last year. Southern California’s score was flat.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com