Are Southern California apartment rent hikes chilling? – Orange County Register


“Rent Check” gives a snapshot of the financial challenges tenants face in Southern California’s tight market for rentals — and how it varies across the region.

Buzz: Southern California tenants have to look hard for bargains, but August brought a glimmer of hope as apartment rent hikes chilled a bit.

Source: My trusty spreadsheet reviewed ApartmentList’s monthly rent estimates for 21 large cities in the four-county region with a combined population of 8 million residents. To see what existing tenants are paying, ApartmentList looks at what’s happening with asking rents in its own online listings plus landlord pricing data from government sources.

The big picture

Remember, we are talking smaller increases in general, not any large wave of landlords cutting prices.

SoCal big-city rent was $2,107 a month, up $8 in one month and $171 higher in a year. That’s a population-weighted average of the rent indexes for the 21 cities.

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One-month change: 0.38% gain vs. average 0.64% increases previous six months — or $8 hikes vs. $13 increases. Rents rose in 15 of the 21 cities in the month.

12-month change: 8.8% jump vs. average 15.8% increases previous six months — or $171 hikes vs. $300 increases. Rents rose in all cities in the year.

Five-year rent inflation math shows increases at a 4.4% annualized pace since August 2017.

The cityscape

Trends vary across Southern California. Let’s look at renting’s extremes at the city level, starting with typical monthly rents …

The highest rent was found in Irvine at $3,125, followed by Temecula at $2,899 and then Rancho Cucamonga at $2,650.

The best bet for tenants was in Long Beach where rent averaged $1,756. Next was Los Angeles at $1,920 and Riverside at $1,994.

Next, how monthly changes varied …

Worst for tenants: Burbank rents were up 1.8%, Glendale 1.7%, and Pasadena 1.6%.

Best for tenants: Santa Clarita rents were down 0.6%, Costa Mesa off 0.5%, Huntington Beach down 0.5%.

Or trends over the past 12 months …

Worst for tenants: Santa Ana was up 15.3%, Long Beach at 12.5% and Pasadena 12.5%.

Best for tenants: Rancho Cucamonga was up 2.4%, followed by Ontario at 5.7% and Corona at 5.9%.

And with a longer-term lens, a peek at five-year annual rent inflation …

Moreno Valley rent has risen at 7.4%-a-year pace, followed by Temecula at 7.2% and Rancho Cucamonga at 6.6%.



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