Rents in Southland Rise in 3rd Quarter

From Associated Press

Apartment rents in Southern California rose during the third quarter from a year earlier, led by a 6.9% increase in the Riverside-San Bernardino area. The average monthly rent of an apartment in the Inland Empire topped $1,000 for the first time in September, at $1,001.

Los Angeles and Orange counties had the highest average monthly rent at $1,356, a 4.5% gain from the 2003 third quarter. Ventura County rents rose 3.1%, to an average of $1,298, while San Diego County rents rose 3.2%, to an average of $1,210.

The rental figures are based on a survey of large apartment complexes by RealFacts, a Novato, Calif., research firm. The Southland's median home price rose by more than 20% over the same period.

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