The shock to the housing market from the devastating wildfires in Los Angeles County is expected to spur a large spike in rental rates in an undersupplied metro with low vacancy where rents have been flat for the past year.
As this is being written, the wildfires in Los Angeles County have burned more than 54 square miles, destroyed an estimated 10,000 structures and forced 180,000 people to evacuate.
“Doubling of growth or tripling of rent growth is absolutely possible,” Selma Hepp, chief economist at CoreLogic, told MarketWatch.
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