California Rent Increases Are Double the National Rate
If you're feeling like out out-of-control rents aren't getting any better, you're right.
They're getting worse. The website Apartment List this week revealed its latest California Rental Price Monitor, and the results are scarier than the price of a three bedroom with parking and a view.
The site says that California rents have increased at twice the rate of the average national rent hike: In the last year Californians have suffered an average 4.9 percent increase versus 2.5 percent for the nation as a whole.
In a statement, Apartment List added:
Unsurprisingly, California is much more expensive than the rest of the country, with the average two-bedroom price of $1500 exactly 50 percent above the national average of $1000.
The site says it analyzed "several hundred thousand listing[s]" to come up with this data.
The average one- and two-bedroom apartments in the Golden State now cost about $1350 and $1500, respectively, Apartment List said.
The city of Los Angeles has an average two-bedroom rent of $2,000, it said. That's nearly a 5 percent increase versus one year ago.
West Hollywood, with an average two-bed rent of $3,200, was one of the most expensive cities in the state for renters, the site said. Marina del Rey had the fifth largest average rent increase in California for the last year: It was 11.2 percent.
Interestingly, the Apartment Association of Greater Los Angeles is lobbying city hall to pass water bills on to tenants at older buildings (usually pre-1978 structures that have not been significantly remodeled). The group says that if renters paid their own water bills, we'd see greater drought-relief conservation.
Plus, local landlords need more of your money. Clearly. Apartment List has one of the understatements of the year when it comes to Golden State rents:
California has some of the highest rents in the country, and in many places they’re still growing quickly.
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