Los Angeles rent growth was the third strongest in the nation,according to a new report from Yardi Rent Café.Rents in Los Angeles grew 6.6% year-over-year in 2018, up to anaverage of $2,461 per month. Most submarkets throughout the regionsaw rental rate gains, with Lancaster and Santa Clarita among theLos Angeles submarkets to see the highest rent growth. Huntingtonand Marina del Rey also recorded strong rental rate gains for theyear.

A shortage in apartment supply drove the gains this year.“Compared to last year, Metro Los Angeles saw a 23% decline in thenumber of units projected to be completed in 2018. We estimatedthat approximately 11,400 units would enter the market by the endof the year, Adrian Rosenberg at Yardi's Rent Cafétells GlobeSt.com. “Although the City of Los Angeles accounts for alarge chunk of the new apartments expected to be completed,approximately 4,600, the supply here is down by 14% year-over-year.Along with an ever-increasing demand for rentals and a highoccupancy rate of 96.7%, the low supply made room for apartmentprices to swell even more.”