Looking to rent an apartment in L.A.?: This is why you should hurry up.

Looking to rent an apartment in L.A.?: This is why you should hurry up.

It’s no secret that home ownership in the U.S. has reached record lows these days, as an increasing number of people prefer renting their homes instead of buying a house for them. According to the U.S. Commerce Department, the homeownership rate in the U.S. is currently just above 63%, a figure last seen in 1965.

Using simple supply and demand economics, we can easily identify the reason behind this extraordinary investment performance of rental properties: Demand.

The Santa Monica Rent Control Myth

The Santa Monica Rent Control Myth

We’ve all heard the stories. The perfect ocean view apartment in Santa Monica grandfathered to a lucky tenant. This is the stuff of dreams: rent control. The monthly rent? Less than half of market value. All he or she has to do is not move out to continue seeing minimal rent increases each year.