Wish we had some better news for renters but the truth is rents in Southern California, including the counties of Los Angeles, San Bernardino, Riverside and Orange are up for the fourth consecutive year. The only real winner in the rental wars are our friends who live in Ventura County, where rents were actually down 3% since from a year ago.
We partnered up with our buddies at RentMetrics, the leader in the most accurate rental data in the world, and analyzed hundreds of thousands of one-bedroom rents (these are apartments that came on the market between September 2012 and September 2013) from Santa Barbara to San Diego.
Cutting through all the data here’s what you really need to know:
- Rents are up again for the fourth year in a row in SoCal, on average 5% over last year.
- We expect rents to continue rising through 2015, with Los Angeles and Orange counties experiencing the highest overall rents.
- Los Angeles continues to lead as the most expensive county in SoCal for a 1-bedroom. Renters are paying 10% more this year than they were last year for the same apartment.
- Beverly Hills, West Hollywood & Park LaBrea take the prize for the most expensive neighborhoods in all of Southern California. These neighborhoods experienced an 8% increase in rents over the last year. Ouch!
It’s not all depressing. Here’s what you can do:
- The rental market is seasonal and we just came out of the craziest moving months of the entire year. If you’re thinking about moving and you’re flexible on the move-out date, consider moving sometime between now and the end of the year. There’s less renters in the market right now and you’ll have better odds of getting the place you want because less of us are competing against you for it.
- Look to live in rent-controlled or stabilized neighborhoods. In Los Angeles, these include the cities of Santa Monica, Beverly Hills and West Hollywood. Unlike non rent-controlled neighborhoods where rents fluctuate much more year-to-year, rents in rent-controlled cities can only increase by 2-3% a year.
- Be Flexible! We all know where we want to live and often just look in these neighborhoods but the truth is that most all of us want to live in these neighborhoods. Consider expanding your search, even just a few blocks and look in other neighborhoods. You might want to live in West Hollywood but you might be surprised to find a better apartment that’s less expensive in Hollywood!
So download RadPad’s free iPhone app and find your rad new apartment, condo or house! It’s out there 🙂