At the start of lockdowns and at the height of the pandemic, we saw a decline in connection with rent in LA, mortgage and selling prices, even mortgages around most states. This was brought about by having to work at home, many chose to stay with immediate families in the suburbs to cut back on expenses. As a result giving up their Los Angeles abodes became widespread. Since there is no need to be physically present in the offices, there’s no need to be near the area of work as well, rent in LA decreased at most to encourage other renters.
But now that things are getting a little better, prices of houses and apartments in Los Angeles, whether short-term or long-term lease or rent, even for sale are seen to be going up again. As the entertainment industry opens up, employees are getting back to the usual work, and as California opened up, the market is seeing a rise as people flock back to urban LA.