According to ApartmentList.com, rents in Los Angeles are up nearly five percent compared to this time last year. Apartment List collects data from thousands of listings so that people can find the apartment price that is best for them. Apartment List claims that the median cost of a two-bedroom unit in Los Angeles is $2,750, which is the highest it has been since May 2013. Andrew Woo, data scientist at Apartment List, stated,
Rising rents are due to demand for apartment outpacing supply, and the lack of starter homes on the market this spring… Families who might have purchased a home if there more affordable options are instead renting for longer periods of time, driving up rental prices.
Even the rents in the San Fernando Valley are expensive. The most expensive city in the Valley is Studio city with a median rent at $2,900 and the least expensive city there is Reseda at $1,760.
L.A.’s housing issues stem from years of not planning ahead for the future, but hopefully lessons will be learned to avoid repeating the same issues.
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