Number of Available Apartments in LA Has Fallen Rapidly to 3.3%

Curbed LA says the 2014 USC Casden Multifamly Forecast finds that the median rent in LA County shot up to $1,716 in the second quarter of 2014, making for the biggest annual rent increase in four years. What makes that especially shocking is that, in that same period from the second quarter of 2013 to the second quarter of 2014, more new housing units opened in LA County (more than 7,500) than at any other time in the last four years.

But it's still not enough — the vacancy rate in the county has actually plummeted since last year, falling 10.8 percent since last year, to just 3.3 percent. USC Lusk Center Director Richard Green explained in a statement that the problem is, as usual, affordability: "Though the economy and employment have improved, renters' incomes are stagnant. So while net absorption and occupancy rates are moving in the right direction, affordability continues to worsen."

It looks like LA will hold its spot as the nation's most unaffordable place for renting, even as developers continue to build. It doesn't help that they're mostly building high-end luxury rentals. READ MORE on Curbed LA.

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