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LA County Rents Expected to Hit Average of $1,705 This Year

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A new report predicts that LA County will see average rents jump 4.5 percent this year, a record increase and more than double last year's. The brokerage firm Marcus & Millichap blames low inventory and a rebounding job market for sending the average monthly rent in professionally-managed buildings up to $1,705. All those selfish people finding jobs and ruining it for the rest of us! The rent hike would be even higher, says the report, if not for the 6,000 rental units expected to be completed across the county this year, meaning there should be a bigger increase in units than there is in new renters. It's no shocker that the areas with the highest vacancy rates are the Santa Clarita and Antelope Valleys, but seeing South LA and Mar Vista/Palms on the list of tightest rental markets in the county may raise a few eyebrows. They're joined by Hollywood, Brentwood/Westwood/Beverly Hills, and the South Bay as the areas with vacancy rates below 3 percent.
· Apartment Search Market Report [Marcus & Millichamp]