Cost of apartment rentals across the Southland spiking
Apartment bargain hunters may be out of luck this summer. Historic rent increases across Southern California and low vacancy rates have given landlords the upper hand.
"One bedrooms, $3,100," said Rancho Cucamonga resident identified only as Nellie.
Nellie and her family did a little market research and found out that renting a one bedroom apartment in Rancho Cucamonga would be more expensive than buying a home right across the street.
"We have a four bedroom and it's cheaper," she said.
It's actually Orange County that's seeing the highest prices for vacant apartments. Rent there is up 18% from this quarter last year. The Inland Empire is seeing 17% increases, and Los Angeles County is coming in at 13% higher, according to the SoCal News Group.
Some experts said it's a sign that more young adults are moving out of their parents homes or leaving roommate living arrangements, along with other contributing factors like better wages, employment opportunities and more stimulus money floating around.
For her part, Nellie questioned that information.
"I hear kind of the opposite, people are saying they can't move out because afford the rent, or if they do move out, they need people to help pay, like roommates or renting a room out. So, it's not really easy for the younger generation," she said.
Experts said that those trying to renew their lease while rents are going up should attempt to negotiate with their landlord because in some cases they will work with tenants who are on time with their rent every month.
