We’re no San Francisco, and that’s a good thing. The space-crunched Northern California city has a lack of housing units, lots of renters looking for somewhere to live, and double digit rent growth (just since the first of the year) as a result.
Here in LA, our rents are going up too, but nowhere near the level of inflation that SF is experiencing. Rents are up five percent, averaging out at $1,670 a month, according to recently released data.
The local vacancy rate for apartments is about five percent, which has remained consistent for the last year. In San Francisco, the vacancy rate is closer to 3 percent. Ouch!
Through June, rents in the Valley averaged $1,574 a month, up 3 percent from last year. In the county, rents averaged $1,731 in the second quarter, up 5.3 percent.
The overall state of the LA rental market is considered “average,” according to those who monitor it on a daily basis. We’re a little bit like Goldilocks – not too hot, not too cold, but just right.
Would you agree, or are you having trouble finding an apartment?