Rent prices expected to soar nationwide over summer months

Inflation isn’t just impacting gas prices as rent prices are expected to soar nationwide this summer.

In March, the median rental cost was $1,800 a month, which is up from the $1,550 a year ago. Now, experts predict prices will go up even higher through the summer and could surpass $2,000 a month by August.

In Los Angeles, rental prices are among the highest in the nation. As of February, the average rent is $2,600 a month for a 789-square-foot apartment.

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Roughly 71% of available rentals in Los Angeles County cost more than $2,000 a month, which is troubling when one considers the average income is $31,000 a year.