Rental prices in Los Angeles County have declined to their lowest point in four years, yet the reduction falls short of making housing affordable for many recent college graduates, according to a new report. Data from the second quarter shows the median asking rent across the county dropped to $2,603, marking a 3.4% decrease compared to the same period last year.

A breakdown of the figures reveals that the median asking rent for studio apartments stands at $2,004, while units with zero to two bedrooms average $2,255—a year-over-year decline of 3.6%. Larger units with three or more bedrooms saw rents decrease by 3%, with a median asking price of $3,441.

Despite these decreases, recent graduates in Los Angeles may still struggle to find affordable housing. Jiayi Xu, an economist at Realtor.com, noted that although renters are benefiting from some relief after a prolonged period of high rent prices, the reductions do not necessarily translate to affordability for new entrants to the market. Many recent graduates are likely still spending close to or above the commonly advised threshold of 30% of their income on rent.

Xu attributed some of the rent relief to an increase in rental supply, especially for smaller, entry-level units, which has provided renters with a broader range of options. However, this expanded availability has not entirely bridged the gap between income and housing costs for recent college graduates in the county.