L.A. rents expected to take off

Seems that the market is being squeezed by the lack of new apartment construction and recent employment gains, according to a USC report. Look for a 7.9 percent jump in rentals over the next year - and further increases after that. Rents have been fairly flat for the last couple of years. From the LAT:

Los Angeles County was the strongest performer out of all the counties analyzed, with a 6.2% increase in the average rent from 2010 to 2011 to hit $1,596. The average rent was up 3.2% to $1,523 in Orange County; 3.4% to $1,069 in the Inland Empire; and 4.3% to $1,377 in San Diego County.

By the way, if you're bemoaning the high cost of housing in L.A., I have one word for you: Mumbai. A 1,000-square-foot luxury residence in the Indian city costs about $1.14 million. Or put another way: The average Indian would need to work for three centuries to pay for that home. (Bloomberg)


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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