Los Angeles Apartment Rents – Growth That Isn’t
It’s not just home resale values that have flattened in and around Los Angeles, apartments rents are doing the same. Rents are up only 2.3% over last year, which is the lowest year over year increase in five years.
A couple of reason for this are that rents have just about exhausted renters’ ability to pay, and yes, the economy is still strong, but starting to soften a bit as this boom cycle comes to an end. True, there has been new supply, but that’s been mostly confined to downtown Los Angeles.
This is great new for tenants who have long been strapped by some of the highest rents in the country.