T
housands of families were left homeless after Tuesday's fires ravaged Pacific Palisades and Altadena. The devastating blaze has sparked a frantic house hunt, as displaced residents scramble to find temporary or permanent homes amidst a tight rental market. Local real estate agents report a surge in demand, with desperate families willing to pay top dollar for stability.

    "We're trying to place numerous families into properties, but it's becoming extremely difficult," said David Berg, a Compass agent. "Dozens and dozens of people are going after the same properties." Berg's phones have been ringing nonstop since Tuesday afternoon, with potential renters offering to pay a year's rent upfront in cash.

    The mass displacement has pushed up already sky-high prices, with rentals leasing for over asking. Volunteers have compiled lists of available leases, but most are snapped up quickly. Compass agent Susan Kastner reports that every rental on the market is receiving multiple offers, making it challenging for families to find a suitable home.

    For some, buying a new property makes more sense, especially if they're receiving insurance stipends. However, the process of rebuilding or purchasing a new home can take years, leading many to opt for short-term leases instead. Real estate agents are working overtime to accommodate the influx of displaced residents, with some even listing properties in neighboring areas like Malibu and Santa Monica.

    Despite state price gouging rules, which cap rent increases at 10% above pre-emergency levels, landlords are reportedly charging significantly more. Some listings have seen rent hikes of up to 50%, leaving many feeling exploited. Real estate agents are urging landlords to be mindful of the law and avoid taking advantage of desperate families.

    As the situation continues to unfold, real estate agents are working tirelessly to help displaced residents find new homes. With thousands of people searching for properties, the competition is fierce, but agents remain committed to finding solutions for those affected by the devastating fires.