California Has the Worst Rent Hikes in America
Winter is traditionally a time when the real estate and rental scenes cool down. People have settled in and gotten cozy.
Except in Los Angeles, where the housing crisis has continued unabated. Rain, wind and cold will not stop the nation's least affordable rents from kicking your ass.
The latest example: The February California Rent Report from the folks at Apartment List.
They found that the Golden State outpaced all other U.S. states last year when it came to increasing rents.
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"California rents are growing nearly twice as quickly as the national average," a spokesman said. "Rents have increased 5.7 percent over the last year compared to 3.3 percent nationwide, based on two-bedroom units."
San Francisco was the state's high-rent champion. An average two-bedroom apartment there will cost you $4,760, Apartment List says. San Jose came in second place with a rent of $2,700. L.A. was third with $2,650.
However, Los Angeles has a low median individual income of $27,749. UCLA researchers say our rents are the least affordable in the United States as a result of the wide gap between income and prices.
Local rents are up 6.7 percent since the beginning of the year, Apartment List says. And that's with a good portion of our units under rent control. We won't blame you if you scratch your chin.
L.A.'s rent growth so far this year was beaten in the state only by Anaheim, with a 9.2 percent increase, and San Jose, with 8.9 percent, Apartment List says.
You want a discount? Move to Bakersfield, where rents have only inched up 0.7 percent so far this year, according to the analysis. Just remember, if you move there, you have to actually live there.
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