Santa Monica, California Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Santa Monica, California rental market.
Santa Monica, California
Average Apartment Rent
$4,012
Y-o-Y Change in Average
Apartment Rent
1.2%
As of November 2024
Compared to a year ago, Santa Monica, California apartments have recorded a 1.2% rent increase.
Santa Monica, California Average apartment rent trend
Santa Monica, California Average Apartment Rent
Santa Monica, California Apartment rent ranges
At 95.54%, apartments priced Over $2,000 represent the bulk of Santa Monica, California rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 1.86%.
Santa Monica, California Housing tenure**
Renters take up 71% of Santa Monica, California real estate, occupying a total of 32,840 units, while homeowners live in 13,367 properties.
Median number of rooms of renter-occupied housing units**
3.4
Renter median household income**
$90,476
Average household size of renter-occupied housing units**
1.8
Rental vacancy rate**
6.4%
Santa Monica, California Renter-occupied housing units by no. of bedrooms**
There are 13,851 rentals in Santa Monica, California with 1 bed making up the highest share of the market, at 42%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 206 units. Overall, the median number of rooms in Santa Monica, California homes for rent is 3.4.
Santa Monica, California Renter-occupied units by age of householder**
Most condos for rent in Santa Monica, California are occupied by residents in the 25 - 34 years age group (23%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 3%.
Santa Monica, California Renter-occupied housing units by family type**
Santa Monica, California Renter-occupied housing units by the presence of own children**
A total of 10,952 apartments for rent in Santa Monica, California, or 33% of all rentals are family households. Additionally, 14% of rental homes include children under the age of 18 – that’s 4,550 units. All in all, the median size of a renter-occupied household in Santa Monica, California is 1.8.
Santa Monica, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 66% of the rental market. In contrast, residents with less than a high school degree reside in 4% of the homes for rent in Santa Monica, California.
Santa Monica, California Renter-occupied units by year structure built**
The highest share of Santa Monica, California apartment rentals, namely 22% or 7,168 units, were Built 1970 - 1979, followed by those Built 1960 - 1969 (22%, 7,073 units), and the ones Built 1950 - 1959 (16%, 5,197 units).
Santa Monica, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2014
Most Santa Monica, California renters (38%) moved in 2010 to 2017, while only 6% of them moved in 2021 or later. Overall, the median year renters have occupied their Santa Monica, California condos for rent is 2014.
Santa Monica, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 57% of Santa Monica, California renters have 1 vehicle available per household, 24% of them have 2 vehicles available, and 15% have No vehicle available.
Santa Monica, California Means of transportation to work of householders living in renter-occupied housing units**
Santa Monica, California Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Santa Monica, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
