Photo by John Schreiber.
Photo by John Schreiber.

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

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