If you thought rent in California couldn’t get any higher…think again!
According to the L.A. Times, apartment rents in Southern California are expected to climb further in coming years, as construction fails to keep up with population and job growth.
The average rent in Los Angeles County is expected to hit $1,416 a month in 2018, an 8.3% jump from last year, while in Orange County, average rents are likely to rise 9.4% to an average of $1,736.
In San Diego County, average monthly rents should increase to $1,577 in 2018, up 10.9% from last year, and in Riverside and San Bernardino counties they’ll grow 7.3% to $1,239 a month. But, there’s a bit of good news.
L.A. County rents rose nearly 5% to $1,307 last year from 2014, a pace that will slow to 3.1% this year, 2.4% in 2017 and 2.5% in 2018, according to the forecast. A similar slowdown is expected in other Southern California markets. As more apartments are built.