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Rent in Los Angeles on the rise, says report

A 'For Rent' sign is shown in this undated file photo.

May 6, 2012 12:00:00 AM PDT
According to a new report, the cost of renting an apartment in Los Angeles is on the rise.

Forecasters say rent is expected to increase by 10 percent over the next two years, and foreclosures are partly to blame for driving demand and prices.

Orange and Los Angeles counties remain more expensive for buyers than renters, though that gap has narrowed.

The report found that owning a home in the Inland Empire is now more affordable than renting.