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| Apartment Glut Forces Owners to Cut Rents in Much of US by Jeremy at 12:02 pm EST, Nov 29, 2003 | |||
In many cities on the coasts, where new construction is more difficult and where an influx of highly educated people over the last two decades has driven up home prices, rents have held up better. The average rent in both Los Angeles and New York has risen about 4 percent since last year, according to Torto Wheaton Research. Rents in Boston and Washington have declined only slightly. That has widened the growing gap between the cost of living in the Northeast or parts of California and the cost of living almost anywhere else. Three years ago, for example, a typical 800-square-foot one-bedroom apartment in Los Angeles cost the same as a 1,480-square-foot two-bedroom in Charlotte, NC; today, the Los Angeles apartment costs almost as much as 1,900 square feet in Charlotte, according to Economy.com. Grrr .... | |||
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