The Los Angeles rental market is running into a dilemma. Pricy units are standing around empty, while affordable ones are quickly snapped up. Specifically, rental units that are designed for moderate family incomes, are the ones that are in highest demand. Since the supply of these units is limited, the price goes up.
The increased demand is understandable, considering that the average rent for a 1 bedroom apartment in LA is now $1397 per month. The new units that have been built in LA are considered to be affordable for families with annual income of $135,000 or more.
With LA rents remaining high, there are a few tips you might want to consider.
1. Do your research
There are many good websites out there that allow you to compare prices and find affordable rental units. Check out Rent.com, Kijiji, or CraigsList to get a general idea of rent ranges in your part of town. You can also take a look at apartments for rent in Los Angeles listed on The Rentables to narrow your search down by area and type; just zoom in and use the interactive filters to get a speedy snapshot of the area you are interested in. Next, call around and don’t hesitate to negotiate with landords (its always worth a try).
2. Find a roommate for an apartment (or at least consider it)
This may not be an option for everyone, but for some, this can be a win-win. Usually two bedroom apartments cost just a couple hundred dollars more than one bedroom. So instead of $1300 per month, rent may total $1500 per month, but split two ways you’ll only end up paying $750 per month. A heck of a lot better than $1300 if you can find a good roommate.
3. Look into shared housing
This is when a number of individuals (could be 5-10) rent out a house and split the lease among each other. You could try using your social networks to find other renters that would be interested in doing this and come up with an agreement before you talk to a landlord. This is taking the roommate philosophy to the next level and should really help decrease your monthly rent.
The Rentables has a special filter that allows you to see all the shared housing options in an area. If there are “shared rooms” available in your area you’ll see this filter on the left menu. If you are looking to save on rent and don’t mind a roommate or two, give it a try.
It will take some time for real estate market to recover. On the bright side, rentals are usually the first areas to show signs of the recovery. Until then, make sure to explore all your options when looking around for an apartment. The extra effort will help you find a great place to live and leave some extra cash in your pocket every month.
Sources:
LA Times – Fixing up LA Rental Market
