West Coast Rents Hit A New High

LOS ANGELES (CBSLA.com) — Rental prices have hit a new high – again.

Rents hit a new multiyear high in December as limited supply and high demand pushed costs higher, the U.S. Department of Labor reported Wednesday.

Rents rose 4 percent – the strongest yearly gain since December 2007, the month the Great Recession began – compared to December 2015, according to the department.

Particularly on the West Coast, rents are appreciating at a high pace. The largest increases included 9 percent in Long Beach and 7.9 percent in Riverside.

(©2017 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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