Apartment bargain hunters may be out of luck this summer. Historic rent increases in Southern California and low vacancy rates have given landlords the upper hand.
“One bedroom, $3,100,” said a Rancho Cucamonga resident identified only as Nellie.
Nellie and her family did a little market research and found that renting a one-bedroom apartment in Rancho Cucamonga would be more expensive than buying a house just across the street.
“We have a four-bedroom and it’s cheaper,” she said.
Orange County actually has the highest prices for vacant apartments. The rent is up 18% compared to this quarter last year. The Inland Empire is seeing a 17% increase and Los Angeles County is up 13%, according to the SoCal News Group.
Some experts said this is a sign that more and more young adults are moving out of their parents’ homes or leaving roommate terms, along with other contributing factors such as better wages, job opportunities and no more stimulus money floating around.
For her part, Nellie questioned this information.
“I hear a bit of the opposite, people say they can’t move because they can afford the rent, or if they move they need people to help pay, like roommates or renting a room. So it’s not really easy for the younger generation,” she said.
Experts said those trying to renew their lease as rents rise should try to negotiate with their landlord because in some cases they will be working with tenants who are on time with their rent each month.