USC Forecast: Rents Are Up And Housing Inventory Is Down
While home prices and rents are up in LA, homeownership statewide is behind national statistics, according to the USC Lusk Center. USC released its report yesterday.
What LA renters pay heavily depends on where they live. The lowest-priced area was South LA, where rents average $822/month. The highest rents were in the Coastal Communities-Beverly Hills at $1,648/month, according to The Real Deal.
The average Los Angeles County rent reached $1,307/month in 2015, showing 4.8% growth from the previous year, according to the report.
California is home to 13% of American residents, but has had only 8% of the nation's new residential building permits during the past 20 years despite the state's population growing faster than the national average.
Vacancy rates for multifamily properties are gradually tightening. As a result of an increasing number of Millennials moving to LA, more demand for multifamily properties is expected. [TRD]