Air conditioning jobs get expensive and that’s putting pressure on landlords, said Steve Zegar, vice president of the National Association of Home Builders.
A recent report from the National Council of Realtors found the median monthly rent in Los Angeles was $1,800 in March.
That’s up from $1.25 million a year earlier, according to the report.
That increases to $2,800 a month for an apartment, and $3,800 for a townhouse, according the Council of Homebuilders.
Landlords who rent to tenants with less than 50% of their income should be concerned, Zegart said.
“The cost of renting is going up and the cost of housing is going down,” he said.
“The rental market is going to become more expensive.”
The median price for a one-bedroom apartment in the Los Angeles area jumped from $2.6 million in March to $3.8 million, according a report by real estate analytics firm Zillow.
The median price of a two-bedroom was $3 million in the same month.
The price of an apartment was $5.2 million, up from a median of $4.9 million in 2016.
That could be a sign that rents are going up faster than incomes.
The NCHB report showed that median monthly rents for a two bedroom apartment in Los Angles climbed to $1 in March from $700 in 2016, and to $9.5 million in 2019 from $8.7 million in 2017.
Zegarmost rents are up from the year before, Zillows report said.
Renting costs are still rising faster than wages, Zagar said.
Zillowed reports the median rent for a four-bedroom home in L.A. is $3 ,000.
In San Francisco, rents are rising at a faster rate than wages.
In March, the median household income for a San Francisco household was $78,000, according data from the San Francisco Rent Board.
In 2019, it was $91,000.
San Francisco is also seeing a jump in apartment rents, which have gone up 9.5% since March, according in a Zillowing report.
Ziegar said rents in San Francisco have increased more than 30% in the last year.
A study from Zillower found that median rent growth is slowing and that the average rent in the Bay Area increased by $1 per month from February to March.
Zagarmost’s report shows the average rents in the San Jose area are up 12.6% from March to April.