L.A. metro apartment rents state’s highest

first_imgHowever, San Francisco County is the most expensive individual market in the state with an average monthly rent of $2,243, Bates said. He noted that rent increases moderated somewhat over the past year because occupancy slipped by a percentage point or two. “That takes pressure off rents,” he said. Jack Kyser, vice president and chief economist at the Los Angeles County Economic Development Corp., said that the Los Angeles area still has strong occupancy levels. “This indicates that it is a tight market, and given what’s happened in the housing market you are probably going to see continued demand for rental housing,” Kyser said. The least expensive rental markets in the RealFacts assessment are in Oklahoma. In Oklahoma City, rent in the third quarter averaged $555, up an annual 1.3 percent. And in Tulsa rents averaged $556, also a 1.3 percent increase. [email protected] (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The Los Angeles metropolitan area remained the state’s most expensive rental market in the third quarter, an industry tracker said Wednesday. During the July through September period, rents increased an annual 5.5 percent to an average $1,630 in the Los Angeles/Long Beach/Santa Ana metropolitan area, said RealFacts.com. The occupancy rate decreased an annual 1 percent to 96.5 percent. The region’s been the most expensive market for more than three years, said RealFacts spokesman Chris Bates. He’s not surprised that apartments here are in demand. “I think it’s the popularity of L.A. L.A and New York City have star power and people are willing to go to extreme means in terms of living arrangements to do it,” Bates said. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.In the Los Angeles County portion of the market, the average rent increased 5.4 percent to $1,683 and the occupancy rate slipped 0.7 percent to 95.5 percent, RealFacts said. In Ventura County, the average rent rose 5.1 percent to $1,548 a month and occupancy fell 3.2 percent to 94 percent. The state’s second-most expensive market was the San Jose/Sunnyvale/Santa Clara metro area where the average rent soared 11.9 percent to $1,622 a month. The occupancy rate there dipped 0.4 percent to 96.8 percent. The Novato-based company tracks rent and occupancy trends of complexes of 100 or more units in major markets in 15 states. The average rent is based on studio to three-bedroom apartments. Los Angeles metro is also the most expensive market in the RealFacts tracking area and the San Jose area ranks second. last_img

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