People always ask us if we do Rent-Surveys. YES, of course, we do those all the time while appraising residential income properties. All as part of the process.

If you have been renting for several years, we don’t have to tell you rents have gradually increased over time, but what you might not know, if your landlord has not kept up with market-rents is that RENT FEES HAVE GONE THROUGH THE ROOF!

It appears that rent increases seemed to have taken place overnight, but the reality is this trend started several years ago. More recently, are you aware that the ‘cost-of-living barometer’ for the five-county region in Southern California has risen to no less than 4.7 percent in 2016 when compared to the prior year at 3.9 percent in 2015?

Here’s the average increase in the regional Consumer Price Index’s Southern California rent benchmark by decade:

• 1960s: 1.7%
• 1970s: 6.0%
• 1980s: 7.7%
• 1990s: 1.8%
• 2000s: 5.1%
• 2010-16: 2.4%

Source: Bureau of Labor Statistics

The O.C. Register published an article on this subject today, you can read the rest of the story by clicking here.

If you are a home-buyer and need more motivation to get “off the fence” to go buy a house, be sure and read this O.C Register article. Interest rates remain low at around 4.5% so here is your opportunity. Take advantage of it while you still can!