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Southern California apartment rents up 13.5% for landlord Essex

Location
Los Angeles, San Diego, California
Publish Date
2021/09/23

In Essex’s mid-summer update report, rent collected in July and August ↑ 9.5% YoY, a big shift from the Q1 when revenues ↑ 2% YoY. A key reason behind this financial rebound is effective rent on newly signed leases, that’s minus any incentives tenants got, soared. New tenants signed contracts in August for rents ↑ 13.5% than what the landlord charged just before the pandemic started. In Northern CA, where Essex has 19K units, rent declines are shrinking, but declines are smaller. Rent collected ↓ 2.9% YoY in July and August, but that was an improvement from losses of 8.4% in the spring and 10.9% in the winter.

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