Santa Clarita Valley rent increases in May exceeded the price hikes in Los Angeles, according to data released by an online apartment rental site.
While year-over-year rents increased 4.2 percent in the city of Los Angeles, Santa Clarita rents jumped 5.8 percent.
The median for a one-bedroom rental in May was $1,680 in Santa Clarita; a two-bedroom rental was $2,040.
Despite a larger percentage jump in rents, Santa Clarita rents are running a few hundred lower than Los Angeles rents. However, with ongoing spikes, they could catch up one day soon.
While month-over-month rental hikes slowed down slightly in April, they increased once again in May – moving up 1.1 percent in the SCV. Monthly increases were also higher than in Los Angeles, which only moved 0.90 percent.
Regionally, according to information drawn from millions of rentals on ApartmentList.com, Los Angeles, Pasadena, Glendale and Long Beach recorded the highest rents, the firm reported.
Santa Clarita rents, however, were reported to be higher than Long Beach in the data culled for all cities.
The most expensive areas in the region were reportedly Westwood, downtown Los Angeles, and Mid-Wilshire.
But again, with Santa Clarita’s rent for a one-bedroom standing at $1,680, it wasn’t much less than the $1,870 charged in Mid-Wilshire.
And the ongoing rental increases are squeezing renters looking for affordable places to live, according to local Realtors.
This post was last modified on October 5, 2016, 7:15 am