East L.A. rental market is heating up!

Eastern Los Angeles has seen the largest year-over-year jump in rental competitiveness, soaring from 25th place to break the top 20 at the start of this rental season to rank ninth. This dramatic rise is primarily due to a sharp increase in lease renewals (from 42.1% one year ago to 52.7% now). 

Whether you’re adjusting your budget (or expectations) or searching for hidden gems with less competition among renters, our Rental Market Competitiveness Report sheds light on where it’s easier or harder to secure an apartment across the U.S. 

Other notable California markets include Silicon Valley at #6 and Orange County at #8. 

What’s making Eastern L.A. rental market so hot this rental season?  

• With an occupancy rate of 95.8% and the local supply of apartments not increasing at all in the past few months, renters have very limited options to choose from. As a result, each vacant apartment in Los Angeles, Long Beach, Pasadena and the surrounding areas attracts as many as 14 prospective renters, on average.
• What’s more, the area’s limited supply situation is also driven by a surge in lease renewals, with 52.7% of renters choosing to stay put at the start of the 2024 rental season, up 10.6% from one year ago.  
• This resulted in a Rental Competitive Index (RCI) score of 78.5 for Eastern Los Angeles, surpassing both the national average of 73.4 and the Golden State’s average of 72.6.  

Elsewhere in the California:  

• Silicon Valley emerged as the hottest renting spot in California and sixth in the U.S., a remarkable jump from 21st place just a year ago. With a 95.1% occupancy rate and no new units opened recently, apartments stay on the market for an average of 40 days, attracting 12 renters each. Additionally, lease renewals surged by 8.4 percentage points to 54.1% at the start of the 2024 rental season.
• California’s second-hottest rental market, Orange County, holds the #8 spot nationwide with an RCI score of 78.8. Here, again, the high demand for rentals — coupled with limited choices of apartments despite the 0.38% uptick in supply — continues to fuel fierce competition. Plus, 63.4% of those already renting apartments in Orange County stayed put.  

Check out our complete study for detailed rankings, in-depth insights, and a breakdown of our methodology: https://www.rentcafe.com/blog/rental-market/market-snapshots/us-hottest-rental-markets/