RadPad: Rental Market Prices In Los Angeles, November 2013 - New York News

RadPad: Rental Market Prices In Los Angeles, November 2013

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The rental market in Los Angeles is constantly changing, and Jonathan Eppers, CEO of RadPad, joined Studio 11 LA to talk about fall rental trends and what potential renters need to know to secure the best deal and location for their new apartment. RadPad is a local photo-based mobile rental marketplace that uses curated photos to help apartment hunters search for their right apartment.

Eppers will be joining us on a monthly basis to give us updated information as the rental market changes.

The graphic displayed in this story reveals the most expensive/affordable neighborhoods in the city, along with new insights apartment hunters need to know before starting an apartment hunt.

The figures reflect the cost of one-bedroom apartments in several counties in Southern California.

LA's Top Five Most Expensive Neighborhoods

  • Santa Monica: $2,330
  • Manhattan Beach: $2,250
  • Westwood: $2,250
  • Brentwood: $2,225
  • Marina del Rey: $2,220

LA's Top Five Most Affordable Neighborhoods

  • Crenshaw: $900
  • Koreatown: $1,073
  • Glendale: $1,325
  • Westchester: $1,400
  • Los Feliz: $1,440

Hollywood, Silver Lake and Culver City are HOT right now.
Not only are these three neighborhoods some of the most affordable in Los Angeles, but they're also three of the hottest right areas to live in. New construction is enhancing the quality of apartments and attracting higher end shopping and restaurants. Hollywood is seeing a resurgence of younger, post-college grads who work hard, but like to play hard and demand the city's best nightlife. Silver Lake is a neighborhood of 20-somethings who are trading in expensive apartments in other areas of the city for apartments with more charm and living areas. Culver City is one of those little secrets tucked between Marina del Rey & Mid-Wilshire that's popular with younger families because of the area's strong schools and urban offerings.

Come prepared to secure that place you've been eyeing
Los Angeles is not only the second biggest rental market in the country, but also one of the most competitive among renters. If you want that competitive edge, you need to be prepared. Come to a new apartment, knowing that you will need to fill out a credit and rental application if you want it. Having a copy of your current bank balance or last pay stub with you shows the property owner you're serious about renting. Give the landlord every reason in the world to rent to you.

Other tips from Eppers: 

  • The rental market is seasonal. We just came out of the hottest part of the rental season and are coming into the slowest part of the rental season. Many of us found a place this summer, so there aren't as many people looking now. The fall is a slower time to look for a place, so renters have an advantage because there's less people out there looking.
  • Rents are rising. RadPad expects rent to continue to rise over the next two years. It's a great time to move into a rent-controlled area – Santa Monica, West Hollywood, Beverly Hills, etc.
  • Be flexible. On RadPad, consider neighborhoods in surrounding neighborhoods of areas that you are interested in. For example, if you're looking in West Hollywood, consider Hollywood, rent is a little cheaper there.

Credit for the data on the infographic goes to RadPadRentMetrics & USC Casden MultiFamily Report .

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