Professionals Fleeing Santa Barbara’s High Rents

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March 02, 2015

Limited supply of rentals in the California city of Santa Barbara means that young and middle-aged professionals are leaving to escape increasing rents.
 
ABC affiliate KEYT reports that the overall cost of rent rose by 5.6 percent between April and October 2014 and increased by 8 percent year-over-year in October. Some renters are spending half of their income to cover the cost of rent. Experts suggest that the city start building more apartments and rental units so that there is enough supply to meet the growing demand.

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