LA named 5th worst city for renters in the US

(credit: California Apartment Association)
(credit: California Apartment Association)

Renting in the City of Angels is getting pretty hellish.

L.A. is the fifth worst U.S. city for renters in 2016, behind several markets in the Bay Area and New York City, according to a new study by Forbes. 

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The rankings looked at four criteria using data from brokerage firm Marcus & Millichap: average rent in the final quarter of 2015, vacancy rates, average percentage of household income spent on rent and the year-over-year rate of change in rents.

In L.A., the average rent was $1,892, or about 39 percent of the area’s average local income of $58,023. As for the year-over-year increase, rents are up 6.1 percent.

“The reason that some of the leading markets — like the Bay Area, like New York — are able to increase their rents is because the young adult population wants to be around the job sources,” Hessam Nadji, CEO of Marcus & Millichap, told Forbes. “They’re willing to make a lot of sacrifices because of lifestyle preferences, and wanting to stay flexible.” [Forbes]Cathaleen Chen