Out-of-control wildfires are ripping across parts of Los Angeles, leading to at least five deaths, burning down hundreds of buildings, and prompting more than 130,000 people to flee their homes in America's second-largest city.

Wildfires raged for the third straight day, destroying swaths of America’s most populated county and displacing tens of thousands of residents, with firefighters struggling to contain the biggest blazes.

With thousands of Los Angeles homeowners seeking refuge from the wrath of wildfires, the fallout from the destruction could include higher rent prices across the city, where more than half of residents are renters.