Rental prices in select areas of Los Angeles and Ventura counties have experienced significant increases following the January wildfires, surpassing historical norms. This analysis examines the impact of the fires on rental markets, highlighting cities with notable rent growth and the potential long-term consequences for renters.
The California Attorney General's office reported that as of January 28th, it had issued 650 warning letters to hotels and landlords regarding their post-fire pricing practices. ApartmentList's price estimates for a diverse range of rentals revealed that five cities in the two counties witnessed month-on-month rent increases of 1% or more, significantly exceeding the typical January fluctuations.
For instance, the median rent in one city soared to $2,501 per month, marking a 2% surge from December compared to an average 0.1% decline between 2017 and 2024. Another city experienced a 1.3% increase, surpassing the historical average gain of 0.4%. While some cities saw modest increases, others remained relatively unchanged. Analyzing county-level trends, Los Angeles County's median rent stood at $2,049 in January, up 0.1% from December, aligning with historically flat pricing for the month. Elsewhere in the region, Ventura County's median monthly rent for January was $2,518, reflecting a 0.2% decrease from December compared to a 0.1% average one-month increase between 2017 and 2024.
RENT INCREASES WILDFIRE LOS ANGELES VENTURA COUNTIES HOUSING MARKET INFLATION CALIFORNIA
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