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The rapidly aging housing stock in Los Angeles is contributing to affordability issues, according to research from Apartment List. The supply of housing units less than 10 years old in Los Angeles is currently at an all-time low, and older properties are seeing the biggest increase in rental rates. Since 2000, rents for apartment units built before 1980 have grown 39%. In general, the older the building, the more rapidly rents are rising, according to the report.

“Because of this lack of new construction, demand has remained high for older units, and also increased the incentives for remodeling older units to command higher rents,” Chris Salviati, housing economist at Apartment List, tells GlobeSt.com. “As a result, the median rent for units built prior to 1980 grew by 39% from 2000-2016, significantly faster than the 26% growth in the median for units built in the 1990s. Despite this increased growth, older units are still somewhat more affordable—as of 2016, the median rent for units built prior to 1960 is 14.2% lower than the median for units built in the 1990s.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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