Southern California’s renters have little to celebrate this holiday season when it comes to market conditions that favor the landlord.
Apartment seekers have few options. Construction of new residences isn’t making much of a dent in the region’s long-running shortage of decently priced housing. As a result, rents continue to rise to levels that are high not only on a national scale but even a global one.
I grabbed data from several recent studies of rental conditions across the region and placed the figures in my trusty spreadsheet to put the pain tenants are feeling into some perspective.
I feel a bit like Grinch reporting this, but here are five trends that offer little cheer for Southern California’s apartment dwellers.
1. RENTS UP BRISKLY
Rents at larger apartment complexes are rising at some of the fastest rates in the nation in eight Southern California cities.
That’s according to data from RentCafe and Yardi Matrix, tracking what landlords were seeking in November for rent in 250 larger U.S. cities. The median in these markets was $1,167 a month, up 3.9 percent in a year. Among the 62 California cities tracked, the same rent yardstick was $1,731, up 3.9 percent in a year.
Here are the local cities with one-year hikes in average apartment rent that ranked among the Top 40 nationally:
No. 4: Lancaster, $1,167 a month, up 11.3 percent in a year.
No. 9: Victorville, $1,037, up 8.1 percent.
No. 10: Ventura, $1,866, up 7.9 percent.
No. 11: West Covina, $1,718, up 7.8 percent.
No. 21: Thousand Oaks, $2,052, up 6.6 percent.
No. 26: Corona, $1,625, up 6.4 percent.
No. 40: Riverside, $1,441, up 5.7 percent.
No. 40: San Bernardino, $1,132, up 5.7 percent.
It could be worse. Just look at two examples from the Texas oil patch: Odessa, up 33 percent to $1,111, and Midland, up 26 percent to $1,274. Ah, the boom-bust energy business!
2. FEW IN U.S. PAY MORE
RentCafe and Yardi Matrix also found 13 Southern California cities having among the nation’s highest rents:
No. 13: Irvine, $2,401 a month, up 3.9 percent in a year.
No. 14: Glendale, $2,393, up 3.3 percent.
No. 16: Pasadena, $2,380, up 3.3 percent.
No. 18: Los Angeles, $2,285, up 5.2 percent.
No. 19: Burbank, $2,210, up 5.5 percent.
No. 23: Thousand Oaks, $2,052, up 6.6 percent.
No. 27: Huntington Beach, $2,007, up 2.8 percent.
No. 28: Costa Mesa, $1,998 , up 2.8 percent.
No. 30: Orange, $1,953, down 0.7 percent.
No. 34: Long Beach, $1,871, up 2.4 percent.
No. 37: Santa Ana, $1,836, up 3.9 percent.