Are apartment rents falling in Los Angeles?
I know rents rose in the last couple years. What's happening now? I noticed more ads with reduced rents or 1st month free. Does that mean rents should be falling because the economy is expected to get worse?
- keengrrl76Lv 61 decade agoFavorite Answer
Sorry to dissappoint, but rents are not getting lower.
It could be that you're just looking at places where rent is cheaper, like Long Beach or South Central or East L.A...but even in the cities people are scared to live, the rents are astounding.
First month free is a gimmick that's offered year round in all parts of the city, usually in the huge apartment complexes, because they'll have lots of vacancies. Just like when cell phone companies give you a free phone with a signed contract.
It's much more economical to find a roommate and rent a place together. A one bedroom will start at 1,000 to 1600, whereas a two-bedroom might start at 1200 to 2000...in some cases you will pay hundreds less per month if you share an apt.
Two years ago, for a small 2 BD 1.5 bath rent-controlled apt in Santa Monica, about 8 blocks from the beach, my roommate and I paid about $1700 per month...we had one parking spot and a communal laundry room.
My friend has a 1 BD (that allows dogs) in fourplex in
Santa Monica, 26 blocks from the beach, with 1 bath and one parking spot - no laundry room in the building, and she pays $1600 by herself.
Currently, I live about 1.5 miles northeast of downtown l.a. in a four-plex with 2 BD 2 BA, 2 parking spots, larger living areas, but smaller bedrooms than in SM, and my roommate and I pay $1850 per month...each unit has its own washer/dryer and dishwasher. A unit like this with only one bedroom would probably be $1300 - $1500 per month.