Apartment rents in Los Angeles County fell to their lowest level in nearly four years during the second quarter of 2026, although many recent college graduates would still need to spend about one-third of their income on housing, according to a report released Thursday.
The median asking rent in the county was $2,603 during the April-through-June period, down 3.4% from a year earlier and the lowest quarterly median since the end of 2021, according to Realtor.com.
The report attributed the decline in part to an increase in multifamily housing construction and accessory dwelling units, which have expanded the supply of rental housing, particularly smaller apartments.
Despite easing rents, the report found that housing remains a financial challenge for many workers entering the job market.
According to Realtor.com, a typical studio apartment renting for $2,004 per month would consume about 25.7% of the estimated salary of a new computer science graduate working in Los Angeles County. The share rises to 30.4% for business graduates, 31.6% for social science graduates and 32.8% for communications graduates.
“Los Angeles renters are finally seeing meaningful relief after several years of exceptionally high rents, but lower asking rents don’t necessarily make housing affordable for recent graduates,” Realtor.com economist Jiayi Xu said in a statement. “Even with recent declines, many new graduates will still spend around or more than the recommended 30% of their income on rent. While conditions are improving, entry-level workers in many fields continue to face difficult housing tradeoffs.”
Using salary projections from the National Association of Colleges and Employers, adjusted to reflect Los Angeles wages, Realtor.com estimated that new computer science graduates earn about $94,000 annually in Los Angeles County, compared with about $79,000 for business graduates, $76,000 for social science graduates and $73,000 for communications graduates.
The report said countywide asking rents have declined 9.6% since peaking in 2022, representing a monthly savings of about $276 for the typical renter.
Median asking rents for apartments with up to two bedrooms fell 3.6% from a year earlier to $2,255, while rents for units with three or more bedrooms declined 3% to $3,441.
Within the city of Los Angeles, the median asking rent was $2,742 during the second quarter, down 2% from a year earlier, according to the report. Realtor.com estimated that a household would need annual income of about $109,680 to afford the typical rental while spending no more than 30% of income on housing.
The report also found that most prospective renters searching Los Angeles County listings already lived in the region. During the second quarter, 58.1% of online traffic to county rental listings originated within Los Angeles County, while 18.4% came from elsewhere in California, 18.9% from other states and 4.5% from international users.