Newport Beach, CA Rental Market Trends
Newport Beach Rent Report: June 2024
Welcome to the Apartment List June 2024 Rent Report for Newport Beach, CA. Currently, the overall median rent in the city stands at $3,194, after falling 1.3% last month. Prices are now down 0.0% year-over-year. Read on to learn more about what’s been happening in the Newport Beach rental market and how it compares to trends throughout the broader Los Angeles metro area and the nation as a whole.
Newport Beach rents are down 1.3% month-over-month and flat year-over-year
The median rent in Newport Beach fell by 1.3% over the course of May, and has now decreased by a total of 0.0% over the past 12 months. Newport Beach’s rent growth over the past year has is similar to both the state (-0.9%) and national averages (-0.8%).
Newport Beach rent growth in 2024 pacing below last year
Five months into the year, rents in Newport Beach have fallen 1.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 0.3%.
Newport Beach rents are 45.7% higher than the metro-wide median
If we expand our view to the wider Los Angeles metro area, the median rent is $2,192 meaning that the median price in Newport Beach ($3,194) is 45.7% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -1.1%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 25 cities in the Los Angeles metro area that are included in our database. Among them, Calabasas is currently the most expensive, with a median rent of $3,313. Long Beach is the metro’s most affordable city, with a median rent of $1,784. The metro's fastest annual rent growth is occurring in Mission Viejo (3.3%) while the slowest is in West Hollywood (-7.1%).
You can also use the map below to explore the latest rent trends in the Los Angeles metropolitan area.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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