Rents hit a new multi-year high in December as limited supply and high demand pushed costs higher, the U.S. Department of Labor reported Wednesday.
Rents rose 4 percent — the strongest yearly gain since December 2007, the month the Great Recession began — compared to December 2015, the department said.
Rents are appreciating at a high pace, particularly on the West Coast. The largest increases included 9 percent in Long Beach and 7.9 percent in Riverside.
—City News Service