Greatest Rent Increases (5-6%) Are in Areas Bordering Fires

Areas like Santa Monica and Pasadena has seen the biggest rent growths as fire victims move around within these neighborhoods on 12-month leases or shorter term leases. Pasadena rents have risen about 6.2% from last year, and Santa Monica rents have risen about 5.1% from last year. All other parts of LA has risen on average of 1.3% since last year.

Rent Prices in DTLA in the Newest Buildings

According to Downtown News, rent prices are higher than ever in DTLA. Not surprising since it's become a destination as well as a neighborhood with an ever-growing list of amenities. And most of all, the ability to walk and bike everywhere within minutes. This lifestyle is new for LA, and it's become one of the most desirable things about DTLA, and a lot of people agree. The demand for housing in downtown has become so great that rent prices, as well as condo prices, have increased dramatically in the past few years. And there are no signs of slowing down.

A snapshot of rent prices in these newly constructed buildings, according to Downtown News:

The Emerson
800sf - Approx $3,295 a month. That’s $4.12sf.
Corner two-bedrooms averaging 1,175sft are $4,995 a month, or $4.25sf.

Ava Little Tokyo 
625sf, for $2,510, or $4.02sf.
A two-bedroom unit with 964sf was offered for $2,798, or $2.90sf.

One Santa Fe
$2,010 for 526sf, or $3.82sf.
Two bedrooms start at $2,635 for 899sf, or $2.93sf.

Hanover South Park
709sf for $2,335, or $3.29sf.
Two-bedroom units with 1,050sf were listed at $3,330, or $3.17sf.

Avant
694sf for $2,162, or $3.11sf.
A $2,957 two-bedroom had 1,045sf, for an average of $2.83sf.

Rents in condo buildings in DTLA:

Higgins Building
$2200 for 750sf, or $2.95/sf

1100 Wilshire
$2500 for 750sf, or $3.33sf

Eastern Columbia
$2900 for 1120sf, or $2.59sf

Mura
$2800 for $1240sf or $2.26/sf

Flower Street Lofts
$3000 for $1420sf or $2.11sf

Elleven
$2400 for 970sf or $2.47/sf

Barker Block
$2500 for 890sf or $2.81sf
$4900 for 2630sf or $1.86sf

Number of Renters Continue to Rise

According to a new report by New York University’s Furman Center, there has been an increase in renters around the country. "For many, slow income growth and a lack of savings are the reason for renting over buying even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country. 'As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,' Ingrid Gould Ellen, the Furman Center’s faculty director."

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpufv

It’s a renter’s world out there.
Major U.S. cities are seeing an uptick in the amount of renters compared to homeowners, according to a new report by New York University’s Furman Center and Capital One.
Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
Rents grew faster than inflation in all of the 11 largest metro areas in the country, except for Dallas and Houston where rates remained flat, according to the report. Washington D.C. saw the biggest rent increase, with a 21 percent jump in median rent.
Philadelphia had the lowest percentage of renters in 2013, with 44 percent. Across the country, 36 percent of households are being rented, while 64 percent were owner-occupied. Developers and economists expect that the trend of renting over owning will continue. [WSJ] — Claire Moses 
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

Even lower-density cities are seeing an uptick in renters, according to the report cited by the Wall Street Journal.
New York City no longer has the largest share of renters among the country’s other big cities, the report found. Miami — where 65 percent of the population are renters — has surpassed New York. The percentage of renters in New York has been dropping, with 71 percent in 1970 and 64 percent in 2013.
For many, slow income growth and a lack of savings are the reasons for renting over buying, according to the newspaper, even though mortgage rates are still at a historic low. As a result, the demand for rental apartments is up in many cities, which in turn is pushing up housing costs across the country.
“As the number of renters grow, if the supply of rental housing does not keep up, as it has not in most of these cities, then vacancy rates will fall, rents will rise, and more renters will struggle with the costs of housing,” Ingrid Gould Ellen, the Furman Center’s faculty director, told the newspaper.
- See more at: http://therealdeal.com/blog/2015/02/09/majority-of-population-in-big-u-s-cities-rents-report/#sthash.0DBFKEWC.dpuf

L.A. Rents Will Continue to Rise in 2015 and 2016

Unless you are renting for a ridiculously priced, nicely maintained property in a great location that is under rent control, it's not easy to be a renter these days. From Venice to Mid City to Highland Park and Downtown, rents have been steadily increasing and are expected to keep rising in 2015, and up to 8.2% by 2016, according to the USC Casden Multifamily Forecast.


This tells us that it's good to be a landlord. And downtown has no rent control on most of its buildings, which makes it even more appealing. Explains why so many people have investment properties in DTLA--the renters are essentially paying for their landlord's mortgage.