According to California Department of Finance 15,992 multi-family units have been built in 2016 in Los Angeles, in a city where roughly 60% of the residents are renting rather than owning a property. This is a good news and an attempt to address LA’s affordable housing crises.
On the flip side, Curbed LA reports that median rental prices increased close to 5% since the end of December 2016.
According to the same article, the city of Los Angeles is pricey, but not as pricey as other major towns in the metro area. Out of all, Pomona is reported to be the most affordable.