SoCal Landlords Predict Rents Will Go Up Because They Are Going to Raise Them

Rents are up and rising very fast, leaving fewer places around town where a renter might get a deal, and apparently we should all get used to it: about 78 percent of SoCal landlords are going to hike up their rents within the next 12 months, according to a survey from real estate brokerage firm Marcus & Millichap, as seen in the LA Times. About 70 percent of LA County landlords are planning to raise the rent, which is actually less than in Orange County and the Inland Empire. Those who'd hoped that all the apartment construction around town might help cap the price of apartments should abandon hope now because it doesn't have landlords fazed in the least. A rep for the firm that conducted the survey predicts that, due to several things (the economy's alright, jobs are bouncing back, and there's a population boom among those who are "prime renting age"), the demand for apartments will be so great in the next few years that new construction won't affect the demand for existing units.
· Landlords expect rents will keep going up in Southern California [LAT]