On Jan. 1, a sweeping rent control bill will take effect in California, capping yearly rent increases at 5% plus inflation and requiring just cause for eviction. But after the last decade for L.A. renters, the new protections appear akin to putting a Band-Aid on a bullet wound, according to a new study from listing service RentCafe.
The report — which synthesized data from PropertyShark, Yardi Matrix and the U.S. Census Bureau — found that the average rent in the city of L.A. has ballooned to $2,527, a whopping 65% increase since 2010. That’s significantly higher than the national average rent increase of 36%.
In Westwood, rent is nearly double that. The Westside neighborhood of UCLA students and young professionals has an average rent of $4,944 a month, The Times previously reported. That’s not only the highest rate in L.A. but in all of California.
Family incomes have been unable to keep pace, the report also found. During the last 10 years, L.A.’s median household income grew 36% to $64,036. That’s slightly more than the national rate of 27% but far shy of the 61% jump San Francisco saw.
Read the full story on LATimes.com.
Average rent in L.A. has ballooned to $2,527, a whopping 65% increase since 2010. https://t.co/u7NeMIafOj
— Los Angeles Times (@latimes) December 27, 2019