Nearly 78% of SoCal Landlords Plan to Hike Rents in Next 12 Months

These rent increases would come on top of steady gains in average rents over the past few years, suggesting that the recent sharp uptick in apartment construction is not slowing the increase in rents. The information is from a new survey by the national real estate brokerage firm of Marcus and Millichap; spokesman John Sebree says that the improving economy, faster-than-average population growth in the prime renter age group of 20 to 34, will continue to drive demand even though multi-family construction has returned to pre-recession levels -- because not enough new apartments are being built.

Read more in the LA Times.

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