If you’re a renter in 2020, you may be paying more per month than you would if you owned your own home or condo. According to a new study from listing service RentCafe, the average rent in Los Angeles has ballooned to $2,527, a whopping 65% increase since 2010. That’s significantly higher than the national average rent increase of 36% over the same period.
Over the last 10 years, the number of U.S. renters surpassed 100 million for the first time, growing from 99.4 million in 2010 to 108.5 million in 2018. Renters now make up 34% of the U.S. population, up a full percentage point from 2010. That number is nearly double in L.A., where renters make up 60% of the population. That ranks our city as the 19th-highest among the country’s 260 largest cities. Glendale has California’s highest concentration of renters at 67%.
Although sweeping controls are now in place to cap rent increases at 5%, the already-astronomical monthlies are making landlords richer, and renters less solvent. New Year, new plan: Think about purchasing. There are a lot of options for financing out there (including low down payments and low-interest rates) that could put you ahead of a perceived affordability gap.