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Rents to rise 10% above already record highs in Los Angeles

By BoomAndBustCycle   Follow   Sun, 6 May 2012, 11:26pm   653 views   7 comments
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http://venice.patch.com/articles/rents-to-rise-10-in-l-a-usc-report-finds

"Ellie Balderrama, who lists properties in Los Feliz, Silver Lake and Atwater Village for TheRenterGirl.com, said that as many as 20 people have showed up at some of her open houses. The ones who win arrive with completed rental applications and deposits in hand."

Finding an affordable rental just got a lot more difficult.

http://articles.latimes.com/2012/apr/12/business/la-fi-rental-forecast-20120412

"Rental affordability is a huge problem in coastal California — in San Diego, Orange and L.A. counties," Green said. "If you are a typical renter, you are paying too much money for your rent in the sense that it is putting a real stress on you financially."

Rising rents and falling home prices could help usher in a housing market recovery if enough renters with good credit take the plunge into buying. The weak pace of construction of new apartment buildings throughout the area is also making it tough to easily find rental housing and is driving up the cost.

The rise in rents tracks a national trend in the apartment sector. Since much of the recent job growth has been driven by young people finding work, and their entry into the housing market is typically through renting, vacant units are filling up fast, the USC report noted."
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1. David9 Follow Befriend (3) 28 threads 747 comments Tarzana, CA

   1   11:33pm Sun 6 May 2012   Share   Quote   Permalink   Like   Dislike   Where do people come up with this stuff? There are 1,554 rentals in 'Santa Monica / Westside' on one apartment service company with rents between $1,000 and $3,000. http://www.westsiderentals.com/guestsearch-results.cfm?region_ID=1&priceLow=1000&priceHigh=3000&property_type_id=0%2C12%2C13%2C8%2C9%2C10%2C20%2C21&searchType=g

2. BoomAndBustCycle Follow Befriend 28 threads 351 comments

   2   11:37pm Sun 6 May 2012   Share   Quote   Permalink   Like   Dislike   David9 says Where do people come up with this stuff? There are 1,554 rentals in 'Santa Monica / Westside' on one apartment service company with rents between $1,000 and $3,000. http://www.westsiderentals.com/guestsearch-results.cfm?region_ID=1&priceLow=1000&priceHigh=3000&property_type_id=0%2C12%2C13%2C8%2C9%2C10%2C20%2C21&searchType=g So what!? You cannot deny rents are historically at an all-time high though. Its simple supply and demand... If people could rent for cheaper then they would...

3. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,014 comments Pleasanton, CA Premium

   3   5:08am Mon 7 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   BoomAndBustCycle says So what!? You cannot deny rents are historically at an all-time high though. Its simple supply and demand... If people could rent for cheaper then they would... Funny, I am paying the least for rent now per sqft now than I did at anytime since 1997. Propaganda by NAR? I think so.

4. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,211 comments Premium

   4   6:38am Mon 7 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   DISBAND the NAR!

5. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   5   8:16am Mon 7 May 2012   Share   Quote   Permalink   Like   Dislike   Uh,Nada. My rent is not increasing at all. :)

6. CBOEtrader Follow Befriend (2) 26 threads 502 comments Chicago, IL

   6   6:49pm Mon 7 May 2012   Share   Quote   Permalink   Like   Dislike   It might be due to an artificial limit on rental units as forclosures sit empty, but it's not propaganda. Rental market in Chicago is the same way right now. 20 people showing up for showings, anything decent is rented during the first showing or two. Those who "win" are doing so by arriving w check and application in hand. I'm looking for a new 6/1 lease. It sucks

7. dunnross Follow Befriend 28 threads 1,489 comments San Jose, CA Premium

   7   7:04pm Mon 7 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   The FED/gov't will never allow rents to increase, because rent constitutes 40% of the CPI basket. If rents increase, it will cause an unnecessary increase in the reported CPI index, which will show that we have inflation, and cause interest rates to explode. This is why the gov't is proposing that the banks should rent out their vacant properties, causing an increase in the supply of rent stock.