Wildfires cause rental prices up in Los Angeles amid housing shortage

(MENAFN) Recent wildfires in the Los Angeles area have exacerbated the already strained housing market, contributing to a sharp increase in rental prices and raising concerns about potential price gouging.

The fires, which have devastated areas like Pacific Palisades, Altadena, and Malibu, have destroyed over 12,000 structures, including homes, and claimed at least 27 lives. The situation remains dire as firefighters continue battling the blazes fueled by Santa Ana winds.

The destruction of homes in these regions and ongoing evacuation orders have created a shortage of available housing, leading to soaring rental prices as displaced residents search for accommodations.

David Berg, founding partner of Smith & Berg Property Group, emphasized the profound impact of the wildfires on the housing market, stating that the loss of entire neighborhoods has put significant pressure on the already limited housing inventory. The surge in demand for rentals in nearby areas has driven prices higher, further complicating the housing situation for many families. 

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