What it’ll cost you to live in Los Angeles
Ever wondered what it might cost you to move to the city of Angeles?
We’ve partnered with our friends at MyFOX LA to help renters better navigate the second most competitive rental market in the entire country!
With vacancy rates under 3% in Los Angeles (that means 97% of all the apartments in LA are rented!), it’s not easy finding an awesome place to live.
As part of our mission to help every single renter looking for a place to live to find the pad of their dreams, we’ve put together an updated infographic illustrating what it will cost you to live in some of LA’s most popular neighborhoods.
It’s not cheap out there but we promise there’s some good news in all of this. Just keep reading.
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
So what can you do?
Move to rent-controlled neighborhoods (but only if you plan to live there for several years)
Santa Monica, West Hollywood and Beverly Hills are rent controlled neighborhoods. This means property owners can only increase your rent by 2-3% per year, which is lower than what we expect to see in non-rent controlled neighborhoods.
It’s not uncommon in Los Angeles to find out your neighbor is paying $1k less per month than you for the same apartment! The difference is that they’ve been there for 10 years and took advantage of rent control. Good for them right?
Hollywood, Silverlake & Culver City are HOT with renters right now
Not only are these three neighborhoods some of the most affordable in Los Angeles, but they’re also three of the hottest neighborhoods to live. New construction is upping the quality of apartments and attracting higher end shopping and restaurants.
Hollywood is seeing a resurgence of younger, post-college graduates who not only work hard but also play hard and demand the cities best nightlife.
Silverlake is a neighborhood of 20-somethings who are trading in expensive apartments in other areas of the city for apartments with more charm and larger living areas. And as of late, Silverlake and Los Feliz are making a name for themselves as being gay friendly neighborhoods.
Culver City is one of those little secrets tucked between Marina del Rey & Mid-Wilshire. It’s becoming popular with working professionals and those newer, younger families due to the areas recent urban revitalization and great school system
Be ready to move on a new place… Quickly!
There’s a saying we hear a lot that goes like this ‘The place you just looked at today and are thinking about tomorrow is the same place someone else looked at yesterday and is going to rent today.’
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. Give the landlord every reason in the world to want to rent to you.
Ready to find your rad pad? Start here!
The Fine Print
- We worked in partnership with the incredible guys at RentMetrics.com and analyzed over 30,000 one-bedroom rents in Los Angeles during September 2013.
- The illustration numbers were determined by evaluating the Median rents of these one-bedrooms in Los Angeles from September 1 – September 30, 2013.
- Some of the data we used came from USC’s Casden MultiFamily 2013 Report.
- The infographic was designed by the very talented Annie Carbo! Thanks Annie! You rock!