Yes, Rent Skyrocketed in 2016
It wasn't your imagination. Rents continued to climb in Los Angeles in 2016, even as some residents enjoy a mild form of rent control.
Supply is short, and Los Angeles' population continues to grow, leading to some jaw-dropping two-bedroom rents in places like Beverly Glen ($6,750), Venice ($5,000) and even downtown ($3,280), according to the latest data from Apartment List.
Listings site Zumper also recently revealed its year-end data. L.A. rents this year were up 5.2 percent compared with 2015, the site found. That made Los Angeles the seventh most expensive city in America for renters, according to the analysis. But that doesn't take into account median income around here. UCLA did take into account income and cost of living and famously declared L.A. to be the least affordable rental market in the nation in 2014.
A Zumper map (below) shows that the highest increases this year — those at 10 percent or higher — were seen in Beverly Hills, Hollywood Hills, Mid-City and Olympic Park (west of Koreatown). Zumper found that rents downtown dropped 8 percent over the year; Westwood saw a 5 percent decrease. Both neighborhoods have seen historically high peaks, however, so a little drop isn't that surprising.
Zumper found the highest rents in America in San Francisco, New York, Boston, San Jose and Oakland. The site says rents were down or flat in many of these markets, providing some hope that a ceiling might have been reached.
It says the one-bedroom median in L.A., by the way, was $2,030 in 2016. Can we take it higher in 2017? Let's hope not.
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