Apartment Rents in Downtown Los Angeles Fall for First Time Since Recession

Apartment rents in downtown Los Angeles are declining for the first time since the recession. Rents are down about 0.7% year over year to a current level of $2,665 per unit. By comparison, the last time rents declined in downtown Los Angeles was mid-2011, when the region was digging its way out of a recession and units were renting for an average of $2,290.