Long Beach rents went up an average of 10.8% in a year? (Belmont: apartments, for rent)

[jm1982]

Rise in L.A was 4.2%, but Long Beach 10.8% ..I'm guessing it was because of people move to Long Beach for cheaper rents and others had the same idea?

https://www.apartmentlist.com/renton...t-rentonomics/

[socal88]

Long Beach is a prime area for investment in apartments with a lot of turnaround potential, especially North Long Beach which is cheap and not the greatest of areas generally speaking. Also, unlike most of LA, Long Beach is not under rent control, which is a huge plus for prospective landlords looking to fix up places and boost rents.

[jm1982]

Originally Posted by socal88

Long Beach is a prime area for investment in apartments with a lot of turnaround potential, especially North Long Beach which is cheap and not the greatest of areas generally speaking. Also, unlike most of LA, Long Beach is not under rent control, which is a huge plus for prospective landlords looking to fix up places and boost rents.

Interesting , yeah it makes sense and as more investors buy at market prices they would raise rents . Something hard to do in rent controlled LA .
People will go where they can find yield

[JohnG72]

Long Beach was way underpriced esp considering the Blue line.

For a long time a lot of Long Beach was really gritty. Encroaching nicer areas of Wrigley, signal Hill, and Belmont Shores took care of some of that, revitalization of downtown LB took care of some of that, Cambodians in what was once a terrible neighborhood along Cherry and Junipero took care of some of it. Slowly the rough areas of LB are becoming better and allowing for rent increases as more people find it desirable.