Norwalk rental prices stabilize as market stalls
NORWALK – Rental prices in Norwalk decreased slightly over the last month, however, they have increased marginally by 0.9% year-over-year, according to statistics released Tuesday by ApartmentList.com.
Currently, median rents in Norwalk stand at $1,580 for a one-bedroom apartment and $2,030 for a two-bedroom.
This is the third straight month that the city has seen rent decreases after an increase in March. Norwalk’s year-over-year rent growth lags the state average of 1.2%, as well as the national average of 1.6%.
Throughout the past year, rent increases have been occurring not just in the city of Norwalk, but across the entire metro. Of the largest 10 cities that we have data for in the Los Angeles metro, 9 of them have seen prices rise.
Here’s a look at how rents compare across some of the largest cities in the metro.
Santa Clarita has seen the fastest rent growth in the metro, with a year-over-year increase of 4.3%. The median two-bedroom there costs $2,680, while one-bedrooms go for $2,080.
Over the past year, Garden Grove is the only city in the metro that has seen rents fall, with a decline of 0.2%. Median two-bedrooms there cost $2,090, while one-bedrooms go for $1,620.
Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,730; rents increased 0.8% over the past month and 1.3% over the past year.
Lancaster has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,620; rents grew 0.5% over the past month and 1.3% over the past year.
As rents have increased marginally in Norwalk, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Norwalk is less affordable for renters.
Norwalk’s median two-bedroom rent of $2,030 is above the national average of $1,190. Nationwide, rents have grown by 1.6% over the past year compared to the 0.9% rise in Norwalk.
Renters will generally find more expensive prices in Norwalk than most large cities. For example, Houston has a median 2BR rent of $1,030, where Norwalk is nearly twice that price.