Los Angeles residents are finally getting some relief from sky-high rents. Median rental prices in the LA metro area dropped to $2,167 in December, the lowest price Angelenos have seen since January 2022, according to a Los Angeles Times analysis of real estate data. 3 Los Angeles has been struggling with a homelessness crisis in recent years as the cost of living skyrocketed. Since when does rent get cheaper in L.A.?” the 29-year-old told the Times. 3 Los Angeles residents are breathing a sigh of relief as rent prices see a much-needed decrease.