Rents soar in LA, Orange Counties; highest rate in 14 years

The downtown skyline of Los Angeles, California on October 12, 2017 where a new report from USC and Beacon Economics shows Southern California's housing crisis is leading to an increase in rent for Los Angeles and Orange county into 2019. (Photo by F

For the first time in more than a decade, the Consumer Price Index shows rents in both Los Angeles and Orange Counties rose at an annual rate of 5.8-percent last month.   

The highest for a July since 2005.  

So now, a one bedroom apartment in L.A. County rents for an average of $1,755.    

And a two bedroom apartment averages  around $2,235.      

RELATED: Study: Rents are rising faster than incomes

The rise isn't as bad in the Inland Empire where rents climbed 4.3-percent in Riverside and San Bernardino counties.      

And the cost of food jumped more than three percent.

To see the full report, click here.