Area Apartment Rents Continue to Set Records

Apartment rentals in larger complexes throughout Southern California continued to set records in the second quarter, with a typical two-bedroom, one-bath unit topping $1,000 in Los Angeles County, according to a new report.

Southland rents for units ranging from studios to large townhouses climbed nearly 9% in the quarter, according to RealFacts, a Novato, Calif.-based research company. Rents have been rising at more than double the rate of inflation this year, as surging home prices, steady job growth and a scant supply of new construction has pushed up rental costs across the board.

In Los Angeles County, rents at complexes of 70 units or more grew nearly 10% to an average $1,200 during the April-June period, the fastest growth rate in the Southland, RealFacts said. A two-bedroom, one-bath unit in Los Angeles County climbed more than 14% to $1,040 from a year earlier.

Average rents rose nearly 8% to $1,191 in Orange County, more than 9% to $1,126 in Ventura County, and more than 8.5% to about $805 in Riverside and San Bernardino counties, RealFacts said.