SCV rent growth increases

FILE PHOTO
Share on facebook
Share
Share on twitter
Tweet
Share on email
Email

Santa Clarita was recently ranked No. 7 for fastest year-over-year rent growth among medium-sized cities, according to a recent report by Apartment List.

The December report also stated that Santa Clarita rents have slightly increased by 0.6% over the past month and are significantly up by 4.1% in comparison to the same time last year.

Currently, median rents in Santa Clarita stand at $2,102 for a one-bedroom apartment and $2,701 for a two-bedroom, per the report. 

“This is the second straight month that the city has seen rent increases after a decline in September,” the report stated. 

The report also shows that Santa Clarita is ahead of the national year-over-year rent growth of 1.4% as well as the state’s average of 1.1%, while over the past year, rent increases have been occurring across all of Los Angeles County, specifically in eight of the 10 metros.

Bob Khalsa, owner of United America Realty in Newhall and board member of the Southland Regional Association of Realtors, attributes these rent increases to two things: a limited supply of new housing and the worry of rent control bills. 

“Rent control has gotten a lot of homeowners worried after Assembly Bill 1482 (Tenant Protection Act of 2019) as they are apprehensive other bills could be in the pipeline,” Khalsa said. “A lot of homeowners have given me instructions to raise the rent even though in normal circumstances they wouldn’t have.” 

Though AB 1482 is targeted primarily at capping rent for those who own multiple properties, such as corporations, Khalsa believes this can change in a very short period of time. 

“Now homeowners are spooked by various rent controls in the county and statewide,” he added. “This has also priced a lot of people out of the markets, which has worsened the housing industry, and I have seen that firsthand. The scare is fairly widespread, and this will have some impact.” 
To view the full report by Apartment List, visit apartmentlist.com/ca/santa-clarita#rent-report.

Advertisement

Related To This Story

Latest NEWS