Economy Is Good, But Local Rents Are Up
Housing and job growth in LA are adding up to good news for the local economy, according to a report from Yardi Matrix.
The rising tech industry in LA — fueled by Snap, the parent company of Snapchat, which recently had its IPO, and other tech companies — also is helping spur the economy.
Local investors are pouring funds into multifamily, raising per-unit prices and sales volumes, Multi-Housing News reports.
Higher prices are forcing some Southern California residents to move to eastern parts of LA County and even out of the county to more affordable areas like the Inland Empire.
Both LA and Orange County rents have crept up over the past year.
Orange County renters paid the 10th-highest apartment rent in Q4 of last year, with an average rate of $1,799/month for a single unit, the Orange County Register reports.
Renters in LA forked over the 11th-highest rent with average rents of $1,775/month.
