BAKERSFIELD, Calif. (KERO) — Many people already complain about high rent prices in California, and unfortunately, there won’t be much relief in sight thanks to a new projection. Some parts of Southern California could a rise of hundreds of dollars, which could change things here in Kern County.
For many residents, a good portion of their paycheck goes straight to rent, but now some of those monthly bills becoming even more overwhelming as parts of California could soon see a significant increase in rent in the next couple of years.
“Actually, the time to buy is right now. And quite possibly the time to rent is right now,” said local realtor Nona Darling.
Darling said this as rent prices are soon expected to soar in parts of California with recent annual forecasts released Tuesday from the USC Casden Economics Forecast projecting sharp monthly increases across Southern California by the end of the third quarter in 2023.
Those numbers show rent averages rising more than $250 a month in Los Angeles, $348 in San Diego, and a more significant jump in Orange County with averages amounting to $410 a month.
“Were driven by the rest of the state. So, when the state has higher prices, people say oh well I can live somewhere less expensive, they come here,” said Darling.
Darling said that could in turn hike up Kern County prices.
“With more people coming into an area than leaving the area. It’s going to create an increased demand and lower supply. Basic supply and demand it’s pushing it up. Right now, our vacancies are less than 1.3 percent,” said Darling.
That’s a problem Heather Kimmel with the Housing Authority is concerned about. She said many local residents are already struggling to find affordable housing.
“We are seeing rents rise much more rapidly than income. So, there’s this disparity between how much people are paying in rent and how much they’re bringing home,” said Kimmel.
Kimmel said there’s a need for affordable housing and rental assistance within our community far beyond what they are able to serve.
“On our low-income public waiting list, we have nearly 20,000 on that list,” said Kimmel.
Even if a resident applied today Kimmel said that some of those waiting lists could take up to 10 years, and Kimmel said there are great impacts to being rent-burdened. Including financially and emotionally along with generational effects.
“So, what’s happening today to families that are struggling to pay their rent. This can have impacts on their children and their grandchildren for generations to come,” said Kimmel.
This is why Kimmel said they’ll continue to work hard in an effort to provide more help.
“To continue to add inventory of affordable housing to our community. Continue to try and link people to rental assistance when it’s available & try and mitigate those impacts,” said Kimmel.
If you are in need of help: https://kernha.org