LA’s Mayor-Elect, DSA-backed Nithya Raman campaigned as a fighter for “renters-rights”, and it seems that she is going to upend the apartment markets when she takes over. The Apartment Association of Greater Los Angeles (AAGLA) and the California Apartment Association (CAA) actively opposed Nithya Raman in the race. The landlords face escalating costs as the rents go up.
So, hold on renters who backed Raman thinking she would bring some relief, don’t hold your breath, rents are heading up again.
According to a new analysis by Orange County Register business columnist Jonathan Lansner, rents increased in 67 percent of Southern California cities surveyed. Using October data from Apartment List, Lansner found rents rising in 35 of 52 cities, with a median increase of 1.2 percent, still less than the 4.4% LA-area inflation rate.
That’s a significant reversal from April, when rents were falling in two-thirds of the cities surveyed. And the trend is accelerating. In September, 58 percent of cities reported annual rent increases. Now it’s 67 percent.
In Laguna Niguel, rents have jumped more than seven percent over the past year, with a typical one-bedroom apartment costing $2800 a month.
There are some exceptions. Rents have declined in cities including Monrovia.
It should be remembered that the landlords bear the many skyrocketing costs associated with owning the properties. For single-family rentals, vast majority of owners are mom and pop, while large multi-unit buildings are owned corporately. They are suffering from the same affordability issues as their tenants. Nobody is getting a break.
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