Occupancy, rent on the rise in Southland
LOS ANGELES (KABC) -- An agency that tracks rental rates across the country says the occupancy rate in Southern California is now around 95 percent and renters are paying more.
According to RealFacts, the average monthly rent for apartments in the Los Angeles and Santa Ana areas in 2012 was $1,687. That's a 4.8 percent increase from the previous year. In Ventura County, rents were $1,525, about a 4.1 percent increase. In the Inland Empire, rent was $1,101, an increase of .8 percent.
"I think it's more that the economy has come back, we haven't built a whole lot of stuff, we are always in coastal California a tight housing market, so there just isn't a supply for people to move into," said Dr. Richard Green, a real estate professor at USC.
For renters looking to find an affordable place to live in a desirable neighborhood, doing their homework and being persistent will be the key.
The rental market won't change anytime soon. According to RealFact, rents will continue to rise in 2013.
economy, housing market, california news, sid garcia
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