High rents prompt adults to double up
By Kevin Smith
Most of us are well aware of the fact that rental costs are high in Southern California.
But a new report from industry tracker Zumper really drives that point home. It shows that one-bedroom apartments in the L.A. region saw a 15.6 percent year-over-year increase in December, boosting the median monthly rent to $2,300. That was the biggest yearly increase among the top 10 most expensive U.S. markets. Two-bedroom units in the L.A. area rose 11.1 percent to $3,200.
And those are by no means the most expensive rents because the median monthly price represents the point at which half of the rents are higher and half are lower. So prices are considerably higher in some areas of the Southland.
A one-bedroom unit in The Hudson Apartments in Pasadena is going for $3,890 a month, for example, while a one-bedroom at 425 Broadway Apartments in Santa Monica is priced at $3,009.
Those prices are obviously on the high side, but they clearly point to a market that’s out of reach for many. I have two daughters who live out of state. I wish they had ended up closer to home but at least they don’t have to contend with the sky-high prices we see here in Southern California.
Data from Zillow show that renters are often doubling up to drive down their monthly rental costs. Nearly one in three adults live with a roommate or parent, the greatest share ever reported, according to Zillow’s analysis.
A doubled-up household is where two or more working-aged adults live together but aren’t married or in a relationship. This could mean two millennial roommates or an adult living with parents. The share of doubled-up households has been rising steadily since 1990, when just 23 percent of adults lived together.
Los Angeles and Riverside have the highest share of adults living […]