LA rental hits nearly $40,000 a month as fires swirl housing market

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LA rental hits nearly $40,000 a month as fires swirl housing market - Business Standard

Quick Summary:

Incoming calls at LA Estate Rentals, which manages and leases homes in some of the area’s costliest neighborhoods, have jumped to 500 a day, more than 10 times the number before the fires, said owner Patrick Michael.

Amid the fierce competition, many owners of homes burned in the Palisades fire are paying out of pocket to secure rentals rather than wait for insurance payments, Michael said.“Whoever pays the most — and has the cleanest deal — gets it,” he said.

Only about 5 per cent of Los Angeles apartments were vacant before the fires, with a median rent of $2,299, real estate service CoStar Group Inc.reported.