For the most part, 2014 brought a barrage of bad news for renters, but data from the last quarter data brings a tiny, far-off glimmer of hope—rents went up, but not quite as much as they have been. According to information from Reis, Inc., a real estate data firm, rents in LA County increased by 2.5 percent in the last three months, to $1,493, which is a "relatively modest" rise compared to 2013's fourth quarter, when things were totally out of control, says the LA Times. (Still, rents across the US were only up .6 percent in the same time period, so LA is still far outpacing the norm.)
Though the vacancy rate in the county was down to a very low 3.1 percent in the final months of 2014, Reis's senior economist says many recently completed apartment projects are helping to keep rates from shooting up further. Of course there's also the plain fact that ever-increasing rents aren't sustainable in a place where wages are more or less stagnant. Either way, the economist projects that, wonder of wonders, "Rent growth will moderate in the coming years." The key word there is moderate; rents will still continue to go up, but not at the rates that we saw in the last year, which he places at "3.5 percent or so."
· Rent growth in Southern California slows in fourth quarter [LAT]
· 21 Signs That 2014 Was the Year of LA's Rental Apocalypse [Curbed LA]
· Number of Available Apartments in LA is Falling Dramatically [Curbed LA]