Owning a home remains a cornerstone of the American dream, but for many people that dream must wait. Given the cost of purchasing a home, most residents in the Los Angeles region must settle for renting a place in the meantime.
This is good news for landlords from Phoenix to Los Angeles, where the rental demand and rental rates are ever increasing because of the scarcity of affordable housing. According to the 2016 USC Casden Multifamily Forecast, the average rent in Los Angeles County will increase from $1,307 in 2015 to $1,416 in 2016.
Accordingly, many more multi-family homes are being constructed in Los Angeles County, with apartment construction permits rising 18% from their 2014 levels. It is indeed a landlord’s market. Read more on this article.