SoCal Rents Expected to Jump Over Next Two Years
The researchers predict triple-digit increases in communities like Rancho Cucamonga, Oxnard, and North City where vacancy rates are extremely low.
Landlords of rent-controlled properties in the City of Los Angeles can raise rents 4% as of Feb. 1 and as high as 6% if they cover tenants’ gas and electricity costs.
Over the past five years, there has been an 82% increase in the number of renters who earn $150,000 or more. The number of households with incomes over $1 million has tripled over the same time period.
San Diegans hit by financial difficulties due to COVID-19 will likely have until the end of the year to make up missed rent payments.
American life has changed drastically in the past several days and experts say this is just the beginning.
Social distancing will undoubtedly end up being one of the top words of 2020.
By Joaquin Romero, freelance journalist from UC Riverside.