Rents and home prices near the Southern California wildfires are rising as the housing market in the area, which already lacked affordable options, tries to absorb thousands of newly displaced families.
Nearly 13,000 homes and thousands of commercial properties were destroyed in the January fires, one of the costliest natural disasters in U.S. history. The Apartment List Rent Model tracks multifamily rent changes in real time, and the marketplace has been following trends in the markets affected by the wildfires.
Anecdotes of price-gouging abounded in the immediate aftermath of the fires, causing regulators to enact emergency legislation to curtail this behavior. Still, Apartment List said the underlying fundamentals in the market will continue to drive up housing costs. In addition, housing prices typically rise from January through August due to seasonal demand patterns.
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