Your Rent Is Growing at Double the National Average
Rent in Los Angeles is crazier than Jim Carrey's views on child vaccinations.
The median per capita income in this town ($27,749) would barely allow you to rent a room. And the cost of getting a roof over your head keeps rising mysteriously despite the city's essential rent control freeze on units built in 1978 and earlier.
While city leaders are trying to stop a tide of conversions from rent control apartments to condos that are putting people out of their longtime, affordable homes, rents are rising for the relatively few units that are still out there.
The latest California Rental Price Monitor from Apartment List finds that "California rents are growing nearly twice as quickly as the national average," according a summary.
Some of the highest June rents across the state were in L.A. communities, including Santa Monica (with an average of $3,770) and Marina del Rey ($3,760). Only state-leading San Francisco had a higher average rent, which was $4,600, Apartment List says.
Its ranking of the state's highest average rents also included West Hollywood ($3,200), at number six.
"California rent growth has outpaced the rest of the nation every month for the last year," says Apartment List data scientist Andrew Woo.
In the last year state rents are up 5.4 percent compared to a national increase of 2.7 percent during that time, the site says.
The site came up with its numbers by analyzing several thousand listings, it said.
Interestingly, while many communities were suffering from increases, "Santa Monica has shown a 2.9 percent decrease in two-bedroom rents from June of last year," Apartment List states.
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But if you want to see some hefty rent hikes, all you have to do is go to nearby West Hollywood.
According to the site, WeHo "boasts the third highest year-over-year increase in two-bedroom rent prices, up 15.9 percent from June of last year."
Happy apartment hunting.
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