An article in today’s Los Angeles Times talks about the shortage of rental properties in Los Angeles and Southern California and predicts that rents will rise 10% over the next two years.
Rents in many if not most area markets are already on the way up, and rental properties in Los Angeles
What does this mean? Well, with a shortage of properties, and renters competing for those available, investors will be jumping into this market and buying up suitable rental properties, especially since construction of new apartment buildings is slow.
When renters realize it is difficult to find a good rental at a reasonable price, and if they have good credit and downpayment then with home prices at or near the bottom, these renters may consider buying and paying their own mortgage rather than their landord’s.
Housing affordability is at an all-time high. Los Angeles home renters, talk to a lender, you may be surprised.
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