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L.A. ranks #3 for fastest rising rent

According to a national apartment search website, Los Angeles is #3 among large cities for the fastest growing rent for apartments. The report from RENTCafe.com indicates that the average rent in L.A. increased by 6.6% last year, rising from $2308 to $2461. The top two cities, Las Vegas and Phoenix, rose by 8% and 7.7% respectively, but at significantly lower dollar amounts, $1044 and $1011. Nationwide, the average apartment rent rose 3.1% year-over-year, from $1377 to $1419. In general, experts attribute the increase in rent to delays in home-buying caused by rising interest rates; which leads to fewer apartment vacancies and therefore greater demand.

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