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Santa Monica Tops Nation With Higher Average Rent Than New York Or San Francisco
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Beachside renters, take note: a new report claims that Santa Monica is the most expensive place to rent in America (take that San Francisco!). According to Apartment Guide, the average monthly rent in the city is $4,799.20 for a one-bedroom. Venice's neighboring rental market, as well as Playa Vista's and Marina del Rey's, also appear in the nation's top 20.
Apartment Guide puts the average rent for a one-bedroom in Venice at $3,922.67. In Playa Vista, one-bedroom renters are looking at an average of $3,327.80, and in Marina del Rey, $3,320.26.
While Santa Monica may have topped the list, New York came in second, with an average one-bedroom apartment costing $4,562.72 per month. San Francisco came in sixth, behind Venice, averaging $3,880.44 per month.
The list is based on November one-bedroom apartment listings from Rent.com and Apartmentguide.com.
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High prices are also hitting the housing market in the Southland. According to real estate site Trulia, the median home price in Los Angeles has grown 348.1 percent in the last 30 years -- from $116,061 in 1986, to $520,000 in 2016, notes LA Weekly. In Orange County, the jump is slightly higher -- from $143,210 median home price in 1986, to $643,483 in 2016. A jump of 349.3 percent.
"A lack of housing construction in many metros may be driving nationwide wealth disparities through persistent supply-induced home price appreciation," the Trulia report states, according to LA Weekly.
Los Angeles is feeling this crunch acutely.It is estimated the city needs over 1 million new housing units to keep up with current national prices. In the meantime, count your lucky stars that Santa Monica is a rent-controlled city.
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