The price of a one-bedroom apartment in Los Angeles County is expected to climb to as much as $250 to $500 per month.
The average apartment in the city’s downtown area is now $1,000, according to a report from real estate firm Cushman & Wolf.
It is expected that price to increase as rents continue to skyrocket in the region.
Cushman spokesman Matt Stinson said the firm has seen a surge in interest from apartment owners seeking to buy properties for their children’s care facilities.
“This is a very important time for parents and their families,” Stinson told The Associated Press.
“We think this is a tremendous opportunity for the Cushmans to help parents get the best possible value for their money.”
A one-bed, one-bathroom apartment for a young child would cost between $2,400 and $2.2 million, according the report.
It would be available in the downtown area, the Hollywood Hills, Santa Monica, East Los Angeles, West Los Angeles and the South Bay.
Couple’s rent increase raises eyebrowsThe Cushmen report comes on the heels of a couple’s rent hike.
Their rent in the two-bedroom unit in their apartment building increased from $1.9 million to $2 million this past year.
The couple is now renting a two-bed unit.
The increase is part of a national trend to raise rent for new residents.
A survey released Thursday by Rentrak shows that more than 80 percent of renters say they want to increase their rent.