CBS News Los Angeles affiliate KCBS-TV featured research by Richard Green of the USC Lusk Center that predicts rents across Los Angeles will rise by $136 per month by 2019. Demand for housing continues to increase with job and population growth, but Los Angeles housing development has failed to keep pace with this trend. The report also points to the large millennial population as factor in the housing crisis and one key reason rents will rise over the next two years.
“It’s certainly no surprise to anyone – developers, landlords, tenants and elected officials – that available units are becoming more scarce and more expensive in Southern California,” said Green. LA Weekly and Times of San Diego also reported on the study.