The rent prices in real estate in Santa Monica, in the California region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Santa Monica has had a strong fall during the last 6 months. In October, the average price per sq.feet was $45.83. In the following month the price per sq.feet fell considerably to $28.68. The price for the following two months in (December, January) had a considerable fall of 85 with regard to the previous two months. The price per sq.feet has had a considerable fall of 40 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $34.46 to $13.82 during February, and March.
When referring to the price in Santa Monica (cities), there have hardly been any changes in the last 6 months. In our first sample month during October, the average price is $4,214. In November This price remains at $4,207. During the following two months (December, January) the price has had an average rise from $4,210.5 to $4,467. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $4,338.75 and $4,137.5 between February and March.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $3,697 they are 16 % more affordable than the average price for Santa Monica . The properties with the highest average price have 4 bedrooms, Their price is 133 % more expensive than the average. After that we have properties with 3 bedrooms priced at $7,096.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $3 / sq.feet, with an average $9.75 / sq.feet price in Santa Monica. The properties with the most expensive average prices have 3 bedrooms. They are 74 % more expensive than the average followed by properties with 1 bedroom with a price at $7.33 / sq.feet.
The graph displaying the average rent prices displays the property type "House" as the most expensive one. At an cost of $3,697 it is 1 % more expensive than the average price in Santa Monica. "Commercial" is seen as the second most expensive property type. The most expensive property type is "Condo" followed by "Townhouse". At a price of $4,252 it is 78 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Townhouse" at an average price of $2 / sq.feet followed by "Condo" priced at $4 / sq.feet. "Commercial" is the most expensive type of property with a $99 / sq.feet value followed by "House" with an average price of $53 / sq.feet.