Real Estate
Long Beach Renters Squeezed by Region's Worst Rent Increases
Rising rents in the Long Beach area, where renters saw some of the biggest increases nationwide, reached a multiyear high.
LOS ANGELES, CA -- 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, the department said.
Rents are appreciating at a high pace, particularly on the West Coast. The largest increases included 9 percent in Long Beach and 7.9 percent in Riverside.
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