The State Of Santa Monica Real Estate

The COVID-19 has led to business closures across the world, in turn hitting many markets and industries hard. One industry that has been feeling the consequences of the coronavirus pandemic is the real estate industry, particularly the Santa Monica rental market. So what does this crisis mean for the future of Santa Monica real estate?

With business closures comes widespread furloughs and layoffs. Many believe evicting someone during this time to be extremely unjust, so a rent moratorium has been implemented through LA County. Santa Monica officials have recently extended the rent moratorium to July 31. After the moratorium has concluded, residents have 12 months to repay their missed rental payments.

Despite the crisis, the Santa Monica real estate market still seems to be coming in hot. Zillow states that the average Santa Monica rent at $5,100. Zillow also places the average Santa Monica home price at $1,849,000. In the previous month, Santa Monica real estate listings went from lasting 106 days to 74 days.

So while COVID-19 has drastically changed the real estate landscape, it appears as though Santa Monica’s real estate landscape still has potential to continue thriving. Learn more about Santa Monica apartments here.