A few days ago, USA Today announced that last year Americans rode the subway a staggering 10.8 billion times, yes that’s billion with a B.
While it’s fair to say that most of those rides did not happen in Los Angeles, the city known to have the absolute worst traffic in the world, that might not be the case in the coming years.
LA Metro is on a mission to change how Angelenos get around the city, and we’re not talking Uber. Within the next year, there will be upwards of 30 new light rail stations (those are stops that’ll allow you to board a train) to get you around Los Angeles. In what would typically take 90-minutes by car during rush hour, from downtown LA to Santa Monica, the new blue line will take just 25-minutes. That’s insane!
Since most of LA, like the majority of our team, probably has no idea where the new stations are going up, we decided to map out the new rail-lines and overlay current (March 2015) rent prices of 1-bedroom apartments.
As the new rail lines become active, they’ll connect Los Angeles in ways that’s never been possible, giving renters quick access to parts of the city where they may have never considered living before.
It’s no surprise that neighborhoods in Santa Monica ($3,097/month) or Westwood ($2,535/month) aren’t exactly budget friendly, but it does come as a surprise that just one or two stops down the rail line, rent prices can fall as much as 15% – 20% a month!
And while you might not be thinking about moving right now, one thing is for certain: once the new rail lines are up & running, we expect rent prices to increase in neighborhoods near those stops. Just look at what happened in Boston, where new rail lines were added and caused rent prices to increase 25% – 67%!
If you’re thinking about moving within the next 12-months, you should start looking now. Apartments won’t be getting any cheaper any time soon, and once the rail lines open, it’ll be to late to lock in today’s rent prices.
If you want to take a peak at what’s out there right now, check out these one or two bedroom apartments for rent in Los Angeles. Or if you’re just going to hunker down and stay for a while, stop writing checks and upgrade to using your credit or debit card to pay your rent.
Our methodology for evaluating rent prices?
We averaged rent prices of 1-bedroom apartments (March 3, 2015) that were within a 0.5 mile radius of each rail stop. For most stops, there were more than 20 apartments averaged together. If you live near one of these stops right now and you’re paying less than what we show, it’s most likely you’ve lived there for several months and rents have gone up since you moved in (lucky you).