It’s no secret that Los Angeles is expensive. The median rent for a one-bedroom apartment is $1,340, a 4.8% increase from July of last year.
Now, it appears that renters’ pocketbooks can’t keep up with the soaring costs.
According to a study from Apartment List, 77% of renters in L.A. plan on settling down in a new city, compared with the national average of 64%.
The study, which surveyed 24,000 renters, found that rising costs are the largest concern; 49% of renters in L.A. cited affordability as their biggest reason for leaving. They also listed jobs (18%) and safety (11%) as factors for moving.
Among those planning to skip town, Riverside and Phoenix were the top in-state and out-of-state destinations, respectively.
However, don’t expect a mass exodus or less traffic during rush hour; renters in cities across the country are considering a move west. Los Angeles ranks in the top three out-of-state destinations for renters in about 40% of metro areas in the country, as people eye the city’s improving job market.
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