If you have an apartment in LA, but have a house in California, you’ll probably need to move back.
L.A. is still one of the most expensive cities to live in, but as the number of new apartments has increased in the past year, the number renting in LA has increased as well.
According to the Real Estate Board of Greater Los Angeles, rents in LA have increased from $1,200 a month in June 2017 to $1.3 million in March 2018.
That’s up from $913 in the same month in 2016, according to a report from the Los Angeles Real Estate Association.
“We are seeing an increase in new apartment developments in the city,” said Steve Schofield, senior director of sales at the LA Real Estate Foundation.
“As developers continue to build, more people are finding themselves on the waiting list for a new apartment, which creates pressure on rents.”
For example, there were almost 2,000 apartments under construction in LA in February 2018, according the report.
Of those, 1,400 apartments were under construction for the first time.
The number of units under construction increased by nearly 200 units, from about 1,500 in December 2017 to 1,600 in January 2018.
There were nearly 1,200 units under development in LA last month, according LA Real Housekeepers.
It’s not just apartment buildings.
Many apartments in the market are being constructed to house multiple units, or “shorter-term” rentals.
This is the term used to describe apartments that are intended to be used for more than a year, according The Real Housekeeping Real Estate Guide.
The report estimates that there are approximately 1,300 short-term rental apartments in LA right now, and that more than 2,100 of them are vacant.
There are also many apartments that have been sold, which is also considered a short-time rental.
“A lot of short- and long-term rentals are being sold in anticipation of new construction,” said Schof