LOS ANGELES - 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.