Apartment buildings with balconies set against blue sky

Monkkonen on Factors Behind Southland’s Rent Spikes

Paavo Monkkonen, associate professor of urban planning and public policy, spoke to the Los Angeles Times about rising rents around the state and country. Of the most expensive places for renters in the U.S., two Southern California cities are in the top five, according to a recent report. In Glendale, the average rent is $4,472 per month, a 36.32% increase from 2021. In Santa Monica, the average rent is $4,357, up more than 15%. Monkkonen said a city’s composition of renters and homeowners is a key factor. “Why is Santa Monica more expensive than Beverly Hills for renters? It may be the case that Beverly Hills has extremely expensive properties, but it’s owner-occupied and their rental properties are small and older,” he said. “If you have two cities where the demand for living in the city is similar, but city A has newer, larger rental units, then the rent’s going to be higher there because of that.”


 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.