Between the first week of January and April 2, properties have seen a 2-cent drop in price per square foot, CoStar said.
"We are seeing differences on a market-by-market level already," said John Affleck, the company's vice president of market analytics. He cautioned, however, "against reading too much into this data until the trend is more established."
WATCH: Gov. Gavin Newsom issues executive order to halt evictions statewide
In Orange County, rents fell by 1.8% between their March peak and the 24th of that month. Inland Empire rents were 1.3% lower.
Across the U.S., some markets have yet to see any significant decline in rents. These include Milwaukee, New Orleans and Detroit.
"Again, a note of caution. The relative resiliency of these markets could in fact indicate that fewer apartments use LRO software or price units daily," Affleck said, referring to lease rent options, "and therefore we have yet to observe the impact."
While some #multifamily markets have yet to see much change, California saw the sharpest #rent declines during the month of March. 📊— CoStar Group (@TheCoStarGroup) April 2, 2020
Check out what else is to come for #CRE in our most recent State of the Market update: https://t.co/v4123dbBuQ pic.twitter.com/mwXXL96rCf