By BOB BAXTER, Associated Press The average apartment rent in Los Angeles is about $2,200, according to a report released Thursday.
The report was compiled by the National Association of Realtors and analyzed a wide range of housing markets, including Los Angeles, Chicago, New York, Atlanta and Seattle.
The study shows that rent is one of the fastest-growing expenses for renters in Los Angles, where the median rent for a one-bedroom apartment jumped from $1,500 to $2.2 million in the past three years.
It was the largest jump among the 10 markets examined, surpassing the average $1.4 million annual rent in Dallas and the average of $1 million in Minneapolis, the report said.
The average rent in New York increased from $2 million to $3 million.
The most expensive cities were Boston and Los Angeles.
In Chicago, the average rent was $1 per square foot, the highest among the markets examined.
The median rent in Seattle was $2 per square feet.
The National Association for Realtor’s report showed that the median price of an apartment in the Los Angeles area is now $1 billion, up from $932,000 in 2009.
That’s the highest in Los Alamos and Riverside counties.
The cost of housing is one reason the Los Anges area has seen an influx of newcomers to the market, including college graduates and people looking for more affordable housing.
Many of the residents who have moved here have moved to the Southland.
The area’s population has grown from about 11,000 people in 2009 to about 18,000 today.
The housing market has been a magnet for immigrants and young professionals.
About 1 in 6 people living in Los Santos is Hispanic or Latino, according a 2012 report from the U.S. Census Bureau.
The Hispanic population in Los Gatos, which includes the city’s largest and fastest-gentrifying city, is almost 50 percent Hispanic, up 13 percent from 2010.