Forbes commissioned a study of the rental real estate rates of cities across the U.S. Rents in Los Angeles were the 5th most expensive in the nation.
The average monthly rent in L.A. amounted to just under $1,900. But this was behind Manhattan, and three cities in the San Francisco Bay area – Oakland, San Francisco and San Jose.
Los Angeles has a micro-sized vacancy rate of 3% and a 6.1% year-to-year rental increase rate. This is not the most welcome news for renters, but investors are in the proverbial driver’s seat.
With inventories of residential real estate for purchase shrinking due to rising costs, this makes rental properties for investors handsome investments indeed.
For those of you looking to acquire a piece of rental real estate for additional retirement income, this would be a good time to see what is available.
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