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Rents in LA County On Rise, But Why?

How many of you readers called it when we posed the question? Today's LA Times reports that the average rent in LA and OC counties rose 5.2 percent to $1,630 in the third quarter, compared with a year earlier. Citing data gathered by RealFacts, a Novato-based firm, which studied 12,048 apartment complexes of 100 or more units in 15 states, the Times reports it comes down to supply and demand, and there are more renters now. But wait--the occupancy rate actually slipped a percentage point in those two counties, so what's going on? Meanwhile, Mark Verge, owner of Westside Rentals, tells the Times that he's been "getting more calls than ever" from agents who want to rent out homes they can't sell. And be glad you don't live in the SF region, where rents spiked as high as 12.2 percent. Also: what percentage of rental buildings in LA have 100 plus units?
· Rents on the rise as home prices slip [LA Times]
· Ask Curbed: How's the Market Gonna Affect Rents? [Curbed LA]