While Los Angeles County might be one of the most expensive places to live in the United States, rent prices have dropped steadily over the last four months, a trend noticed across nine of California’s 10 most-populated cities.

After a period in which rent prices skyrocketed consistently from year to year, the change might not seem like much to many renters, but a new study from ApartmentList suggests that the trend could continue through 2023.

The city with the largest drop in rental prices was Oceanside, where in December, prices dropped by nearly 4%. In Los Angeles and Long Beach, there was a 1% drop.

Anthony Lopez, a realtor with RE/MAX Vision, says that the drop comes from a combination in more homes on the market and more units for rent than there are prospective renters.

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