Monday, April 11, 2005

LA Wages Lag Housing Prices

It seems the wages of some renters aren't moving up, so they move out. "Victor Romero had to ditch his $1,100-a-month Hollywood apartment because his rent kept rising while his pay of $24.50 an hour stayed flat." LA Times

3 Comments:

At 9:44 PM, Anonymous JoeNosixpack said...

hmmm, in the heartland, QuadCities, Ia., before 2001 it seemed to me there were never any significant number of houses for rent available at any price, suddenly over the last few years, there are countless houses available at all ranges of prices. The $700 to $900 per month houses are the most numerous, and a suprisingly consistant, but small number of homes in the $1000 to $1200 per mo. range, a price range that was never very common in the past. Perhaps the same thing is happening here? As I try and rent a $400 to $600 house they are all snatched up almost immediately, while the higher priced ones are advertised for much longer periods of time.
Hmm come to think of it, when I was looking to buy, the same thing was happening with the low end and high end priced homes.

 
At 7:27 AM, Blogger Dan said...

So is the rental market improving?!

If true then doesn't that mean that the housing bulls are correct?

Dan

 
At 7:57 AM, Blogger goleta said...

If "there were never any significant number of houses for rent available at any price" before 2001 and all of a sudden we see "countless houses available at all ranges of price" , then it can only mean the bulls are all wrong, as so many people now have bought 2nd or 3rd homes as investment so they have to rent them out to be able to afford the monthly payments. The oversupply of rental properties can only be bad news for those who wish to use the rents they get to pay their mortgates.

 

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