Rents soar as foreclosure victims with tarnished credit, young workers seek housing

[Liberal_in_LA]

Rents soar as foreclosure victims, young workers seek housing



A nation still struggling to clear up one housing debacle has run smack into another — soaring rents.

The foreclosure mess has pushed millions of former homeowners with tarnished credit into a competitive apartment market across the U.S. Add fresh demand from young workers, few new units and tight standards for home loans, and the result is rental sticker shock not seen in years.

Rents are surging from New York to Los Angeles. The average monthly U.S. rent for apartments hit $1,008 in the first quarter, pushing past the all-time high set in the third quarter of 2008, according to the data firm RealFacts. USC's Lusk Center for Real Estate forecasts a 10% jump in Los Angeles County rents over the next two years. In certain markets, it is now cheaper to own a home than rent.

Menachem Krinsky of Hancock Park recalls how in late 2008 every street seemed ornamented with "for rent" signs when he first moved to Los Angeles from the East Coast. Back then, his landlord was so desperate to keep him as a tenant that he slashed his rent of about $2,000 by $800 after Krinsky's first roommate bailed on the lease.

These days, however, Krinsky's search for a one-bedroom apartment costing around $1,500 is shaping up to be a major headache.

how much does a 1 bedroom apt. rent for in your town?

http://www.latimes.com/business/la-fi-renters-nightmare-20120506,0,7137775.story

17 votes, 1 pass | Time left: Time expired
	under $500
	2 (12%)
	$501 to 750
	6 (35%)
	$751 to 999
	4 (24%)
	$1000 to $1250
	2 (12%)
	$1250 to $1499
	1 (6%)
	Over $1500
	2 (12%)
	1 DU member did not wish to select any of the options provided.
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