Rents keep going up and up and up, according to apartment tracking firm, Reis Inc. If you live in Los Angeles County, you can expect to pay on average $1,829 a month (5.2% year-over-year increase). You’ll do slightly better in Orange County where rents average $1,827 monthly (2.8% YOY). In the Inland Empire, average monthly rent is $1,293 (5.2% YOY).
In dollars, the rises equates to an increase of $50 for Orange County, $64 for the Inland Empire and $92 for Los Angeles County.
“There are two primary reasons for the steady rise in rental rates,” Colleen Bennett, La Verne Realtor said upon hearing the Reis report. “First, home prices keep rising, forcing lots of buyers to rent longer and second, despite local employment gains, many first-time homebuyers, especially those saddled with student loans, are still finding it difficult to finance their first home purchase.”
While the new rental statistics continue to cast a pall on the local rental market, would be renters can take some consolation that they don’t live in New York City, where the average monthly rental is $3,416, the nation’s highest.