According to CBS Los Angeles, a combination of rising home values and an increased demand for rental property in California is expected to keep pushing rental prices up over the next two years.
“Despite marked improvements in employment and the overall economy, the rapid increase in home prices and interest rates are pricing first-time homebuyers out of the local market,” according to Richard Green, director of the Lusk Center and co-author of the study. “As more and more of these households become renters instead of buyers, we will continue to see fewer vacancies and higher rents.”
