The high cost of renting in Southern California keeps getting higher, but prices have lately been rising at a slightly more leisurely pace, the L.A. Times reports.

The average monthly rent in the Los Angeles metropolitan area grew 1.5% in the first quarter , to $1,588 , from the fourth quarter. That marked the second quarter in a row that growth was under 2%, according to data to be released today by RealFacts, a Novato, Calif., firm that tracks rents in 15 Western states. RealFacts tracks only investment grade communities with 100 or more units, excluding smaller rental properties run by individuals whose rents may deviate from these numbers.

“People will pay ridiculous amounts of money to live in L.A.,” said Chris Bates, a RealFacts analyst. But now “some people are saying ‘enough’ and moving out.”

That might be one reason behind the slowing increase. Another is supply: People who bought condos and can’t unload them are leasing them out instead.

“Right now, it’s not a good time to sell,” said Christiano Sampaio, a Realtor who concentrates on downtown L.A. New condo owners are often flexible about rental rates, he added, because they need to pay their mortgages and don’t want to leave their properties empty.

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