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Manhattan Beach Agent
July 30, 2011 at 4:43 pm
I recently read a news headline that declared rental prices are increasing across the country. Excited by the news, I check my local market in Los Angeles (Manhattan Beach), and was shocked to see that y-o-y median rents have fallen over 18%! Talk about erratic!
As an economist I'm used to seeing more efficient markets and smooth price movements, not the kind of disjoint movements we're seeing in our rental market.
I wonder if pricing tools will eventually work to smooth fluctuations, or if home owner landlords will continue to operate inefficiently?