L.A. rents down again
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Residential rents in Los Angeles and Orange counties fell in the first quarter of this year compared with a year ago, the research firm RealFacts reported today. The average L.A./OC rent for the first quarter was $1,604, down from $1,646 in the first quarter of 2008 -- a 2.6% drop.
Falling rents mean continued competition for entry-level homes for sale. If rents keep dropping, we’ll see what effect it has on home prices.
-- Peter Y. Hong