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Rents to rise 10% above already record highs in Los Angeles
invite response
2012 May 6, 4:26pm 2,299 views 6 comments
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David9
2012 May 6, 4:33pm
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.
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.
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...
RentingForHalfTheCost
2012 May 6, 10:08pm
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.
CBOEtrader
2012 May 7, 11:49am
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
dunnross
2012 May 7, 12:04pm
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.
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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#housing