In Los Angeles County, the typical home value, which Zillow defines as the average of the middle third of the market, was as high as $835,546 in September 2022, as per a Los Angeles Times Report.
With home buying plans on hold on account of these whopping numbers, what is definitely on the rise is the search for Apartments for Rent in Los Angeles. In fact, the Los Angeles Metro area has the fourth-highest share of renters in the nation.
If you are looking for places for rent in Los Angeles, here is a handy guide of things to look for.
#1. Shortlist the neighborhood
With commuting times being significantly high, a good starting point will be to shortlist neighborhoods that are close to your place of work. This way you will ensure that your productivity isn’t compromised on account of long hours spent commuting. Here is a handy list of neighborhoods you can select from, in making your choice of Los Angeles apartments.
#2. Take stock of your budget
It is absolutely imperative that you take stock of your budget. Typically, the average rent in LA is $2,198 for a studio, $2,915 for a 1-bedroom, $3,959 for a 2-bedroom, and $6,883 for a 3-bedroom as per Apartment List. In addition to the rent you need to budget for a security deposit, as also an application fee. Pro tip– With vacancy rates being pretty low sometimes renters tend to pay more than the list price, so you will need to keep a provision for that as well.
#3. Look for an apartment
A professional Property Management Firm can be a good resource when it comes to helping you find a suitable apartment within your chosen neighborhood. At Beach Front Property Management, the sheer range of apartments we have to offer is huge. You could look for some here : Available Rentals in Los Angeles
Should you want to scout for an apartment on your own, needless to mention that you will have to comb neighborhoods that work for you. You can also go through rental listing sites such as:
- Zillow
- Apartment List
- Rent.Com, to name a few.
In looking for an apartment, it may serve you well to look for rent-controlled apartments as these have limits on how much rent can be raised every year. Rent-controlled units also have protection against eviction of tenants if they are not at fault. ZIMAS, is a great resource to figure out whether your building is rent-controlled.
#4. Set up a time for viewing
Once you have shortlisted some properties, do take the time to set up appointments for viewing. That is the only way you can be sure that the place indeed meets your requirements. Should you have a pet make sure you make an explicit mention of it. Some landlords may not allow them while others may have some restrictions. You sure do not want a situation where having identified an apartment you need to reinvent the wheel. Remember that there could also be a pet deposit, so budget for that as well!
Once you are sure that the place meets your expectations, apply for it at the earliest.
#5. Ensure you have your documents in place
By now you would have a clear idea of what to look for when renting an apartment, however, landlords, will also want to make sure that you are the right fit before giving you tenancy. Some of the documents that you, therefore, need to have in place include:
- Paystubs- These will act as proofs that you are indeed financially covered to pay the rent every month. A good rule of the thumb for landlords is that your income should be three times the rent
- Bank Statements- These can also act as proof of income
- Credit Report- It offers valuable insights into your financial history
- Documents verifying your identity
- Land lord Recommendations
- Personal References
- Vehicle Registration & Proof of Insurance if you will be parking on-site
To Sum Up
Congratulations are in order now that you have found your dream apartment. It will help you to know that as a tenant you have a right to clean & habitable housing. The Los Angeles Housing Department has in fact laid down the rights & responsibilities of tenants. It will help for you to go through it.
Here is wishing you an absolutely pleasant stay!
Trevor Henson
Trevor Henson is an experienced entrepreneur (10+ highly-successful start-ups) and property investor with a demonstrated history of building and leading teams in investment property management environments, maximizing returns for property owners, and optimizing properties through construction management and re-positioning. He…Learn more about how we can help. Customized solutions for large portfolios!