LOS ANGELES (CBSLA.com) — The rent is too damn high – again.
Rents hit a new multiyear high in December as limited supply and high demand pushed costs higher, the U.S. Department of Labor reported Wednesday.
Rents rose 4 percent – the strongest yearly gain since December 2007, the month the Great Recession began – compared to December 2015, according to the department.
Particularly on the West Coast, rents are appreciating at a high pace. The largest increases included 9 percent in Long Beach and 7.9 percent in Riverside.