Rent prices are on a roller coaster too, but right now they are on the incline part of the ride. USC’s Lusk Center for Real Estate released a report that indicates that rents in SoCal are expected to rise three to five percent in the next year, at which time rents will average $1470 for L.A., $1472 for the O.C., and $1036 for the I.E. The culprits for the upward trend? The “meltdown of the subprime mortgage market,” as those not-so-savvy buyers are facing much higher payments than they planned on. So they’re moving into rentals and increasing demand for an already tight supply.
· SoCal Rents Likely to Rise [NBC4]
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