L.A. rent will increase by $139/mo
Can rent payment in L.A. get higher? University of South California Casden Institute says “Yes!”
Recent study report states that Los Angeles rental market will experience a new rise in prices. Renters might be paying $136 more monthly, which amounts to $1,630 more per year in rental payments.
These changes will most likely come by the end of 2019 and can be explained by short housing inventory and wage growth in LA, report says.
Those who will be affected most are L.A. millennials who choose multi-family apartment complexes versus single family homes.
As of today, monthly rent payment in L.A. comes to $2,237 with only 3.94% vacancy rate. The upcoming changes might potentially put monthly rent payment at $2,373/mo. with 3.91% vacancy rate
Employers are expected to face difficulties hiring out-of-state people due to increased costs of living. As study’s authors Richard Green and Christopher Thornberg stated, rent growth in L.A. is outpacing income growth at an unsustainable level.
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