How much are you paying for rent right now?
Well, a new study says that if you’re a typical Southern California renter – you can expect to add about 8 to 10 percent to that monthly payment in two years.
USC’s Lusk Center for Real Estate projects that the average rent in L.A. County will be $1,856 by mid-2016, an 8.2 percent increase. In Orange County, the average rent is expected to rise 8.6 percent, to $1,806.
The Inland Empire has the cheapest rents in Southern California, but that’s where Lusk researchers say prices will rise the most in the next two years – up to 9.9 percent.
Data released last month by the Census Bureau showed that the divide between renters and homeowners was growing in Southern California: with renters paying a larger share of their income on housing and homeowners less.
So, where are the most expensive rents in the region? The report says Santa Monica tops the list with an average unit going for more than $2,600 a month. Rents in Newport Beach, Irvine, downtown L.A. and Hollywood also average more than $2,000 a month.
Check out the Lusk’s latest Real Estate Economics Forecast.