So far this year, this L.A.-O.C. rent index rose on average 5.5% — highest since 2007.
The cost of renting in Los Angeles and Orange counties continues to rise at a pace not seen in 12 years, according to a slice of the local Consumer Price Index.
Rents rose at a 5.7% annual rate in October vs. 4.9% a year earlier, says the U.S. Bureau of Labor Statistics’ CPI, which tracks rental costs by polling consumers. Other rent measurements come from surveys of landlords.
So far this year, this L.A.-O.C. rent index rose on average 5.5% — the highest uptick since 2007. The 2019 pace compares with 4.9% in 2018 and 4.6% in 2015-2017. It’s a sharp contrast to the 2009-14 period when local rents rose on average 1.7% a year.
Or look at tenants’ plight this way: In this decade, rents are up 38% vs. a 23% rise in the local cost of living.
Note: In the Inland Empire, a new CPI showed rents in Riverside and San Bernardino counties were up 4.7% in the 12 months ended in September.
Source: OCRegister
