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Los Angeles is always in competition with the City by the Bay. In everything. For the year, the report predicts rents will climb 4. Even renters seeking the traditionally cheaper cost of living in the San Fernando Valley are out of luck. The past 12 months saw a 7. It is not the rental market that is out of control, it is the city—high taxes, deficits, poor police coverage, regulations that add costs to housing. This is a city run for two generations by Democrats, what else did you expect?
Meanwhile, the price of a single-family house has jumped 5. As the report says: Unsurprisingly, apartment vacancy rates have fallen to just 2. In the past year, more than 5, new rentals have come online in LA, and 2, of those were in Downtown.
San Fernando Valley The Valley is in the midst of a dramatic rise in prices. Rents are up an average of 7. The Northeast Valley in particular is experiencing the most rapid increase in rents—average asking rent price in that area is up Other areas in the Valley experienced smaller increases in average rents: The big jumps may have something to do with a slowdown in new units being added to the market.
The Hollywood submarket had the biggest increases, with average rents rising 7. Over in Mid-Wilshire, rents were up 6. Downtown rents did not experience a particularly big increase, up only 5. This is probably due to an overstock of rentals, as the neighborhood sees a huge increase in development. The last year saw some 2, new rental units built in central LA, but Downtown accounted for more than 1, of those. Vacancy rates in Downtown remain pretty high, coming in at 3.
As a result, the report found that more than 10 percent of units Downtown offered some sort of concessions as enticement for renters to sign a lease. Westside Rents on the westside were up 6. Only new apartments were built on the Westside during the past year, with nearly half of those being built in and around Santa Monica.
Long Beach rents increased 8. More than of those rentals qualified as affordable housing.
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