Long Beach, CA

Long Beach rent for a two-bedroom apartment jumps to $2,400 a month, up 17 percent from last year

Beth Torres

Renters looking for an apartment in Long Beach, California are experiencing steep rent inflation these days. According to a July 2022 U.S. rent report, the median rent for a one-bedroom apartment in Long Beach is now $1,800 a month. This represents a one-month increase of 5.3 percent and a one-year increase of 12.5 percent.

Renters looking for bigger apartments are seeing rent inflation as well. The median rent for a two-bedroom unit stands at $2,400 a month. This is a one-month increase of 5.3 percent and an annual increase of 17.1 percent.

Renters looking for a three-bedroom apartment in Long Beach are faced with median rent of $3,300 a month, up 7 percent over the last year. To put this in perspective, this means you’re paying $205 a month or $2,460 a year more in rent this year for a three-bedroom unit compared to last year.

What’s rent like for a minimum wage worker in Long Beach?

In one word: unaffordable.

The minimum wage in Long Beach, California is $15 an hour (for employers with 26 or more employees) and $14 an hour (for employers with 25 or fewer employees).

However, to afford rent in Long Beach for a modest one-bedroom apartment, you would need to earn $30.85 an hour. If you earn the minimum wage of $15 per hour, then you would need to work 82 hours a week to afford your rent.

That’s according to the “Out of Reach 2022” study published by the National Low Income Housing Coalition (NLIHC). The NLIHC calculates this “housing wage” based on what a household would need to earn without spending more than 30 percent of household income on housing. This 30 percent rule ensures households have enough left over each month after paying rent to account for other necessary expenditures, such as transportation, utilities, and food.

What do you think about rents in Long Beach?

Do you think rent inflation is temporary and prices will stabilize soon? Let us know your thoughts in the comments section. And if you appreciate this content, please give us a thumbs up and share this article with others. I appreciate your support!

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