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Real Estate

Rent Continues to Rise in L.A.

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Fri, Jan 17, 2014 at 9:06 AM
click to enlarge COREY MILLER/LA WEEKLY FLICKR POOL.
If you think you're alone in worrying that your entire paycheck won't cover the rent, you're not.

The rental scene in Los Angeles continues to defy logic. Case in point: The latest data from real estate website Trulia says rent rose again in Los Angeles for the month of December, by 2.1 percent.

But why?

Trulia chief economist Jed Kolko says rents "have a positive, statistically significant relationship with job growth."

So the continued spike in the cost of housing here could be a good sign when it comes to economic recovery.

And before you go crying into your beer mug, consider that L.A. wasn't the worst offender last month for rent increases among American big cities.

San Diego, our neighbor to the south, saw a 9.5 percent month-to-month average increase, ranking it third among cities with the biggest rent hikes in the United States.

San Francisco (10.6 percent) was number one; Portland (10.5 percent) was second. West Coast represent.
click to enlarge TRULIA
  • Trulia
If you're looking for a place and want to save money, Trulia suggests some places to avoid: The average recent rent in Beverly Hills was $3790, the site says. Hollywood? $2950! Santa Monica? $2112.

Ouch. We feel your pain.

Send feedback and tips to the author. Follow Dennis Romero on Twitter at @dennisjromero. Follow LA Weekly News on Twitter at @laweeklynews.

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