Lately there are so many places for rent out there, it seems like a veritable sea of what should be very competitive and reasonable choices out there. Well, there are some amazing rental deals out there in certain price points. Just 2 months ago brand new ocean front lofts in Venice were renting for $12,500 and now are only $9,500 per month. There are also some great deals in the $4000 – $5000 range for architectural lofts and homes on the Westside. That’s great if you have the means to afford a high end lease, though those rental payments could be mortgage payments on something one could actually own. Hmmm?
Now here’s where it gets a little tricky. It seems that because of all the foreclosures in Southern California that there are also a lot more people looking to lease smaller less expensive units, now that they don’t own a home anymore. Families are really downsizing their homes into tiny apartments. So what I am seeing, is landlords taking a bit of an advantage on this with smaller units around. The average 1 bedroom apartment on the Westside and even on out through Hollywood and Studio City is going for almost $2000 per month. Also monthly fees are tacked on for everything from parking to pets. Is it fair that they are doing this? It makes it just about impossible for a single person with an average job able to attain decent living arrangements. Most landlords want to see the tenant making at least 3 times salary, the cost of their apartment. So a person leasing a $2000 apartment must make at least $72,000 per year. Someone making $72,000 per year usually has some savings and could/would want to purchase a home rather than lease. What are all the people doing that don’t make that much money and are forced to rent where they can’t afford to? These are not poor people I am talking about. These are hardworking young people with good jobs in the tech biz, movie industry, fire fighters, professors, etc. Where are they all going to go?
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