As we all know, rents in Los Angeles has skyrocketed since the beginning of the year. The increase in property values and population is causing a tightening of the rental market, causing a huge hike in average rents Los Angeles. Below is a map provided by Zumper, illustrating the different median rent amounts in different areas of Los Angeles.
RENTS OF DIFFERENT AREAS IN LOS ANGELES
As seen in the map above, Santa Monica dominates as the most expensive area with rents averaging around $3,050/month for a one bedroom apartment. Other expensive areas include Downtown, Pacific Palisades, Venice, Marina Del Rey, Westwood, Beverly Hills, and Bel Air/Beverly Crestareas. These areas rent from around $2,400 to $2,999 for a one bedroom apartment.
Looking for a little below premium apartments, but still want to live in the Westside? Areas such as Mar Vista, Culver City, West Los Angeles, and Brentwood are close enough to the beach areas without the premium rents. Although not located in the most expensive parts of the Westside, these areas are still well located and are more likely to offer apartments with more amenities. The rents in this area range from $1,800 to $2,399 for a one bedroom.
Average rents in Los Angeles are usually found in areas such as West Adams, Mid-City, Hollywood, Koreatown, View Park/Windsor Hills, etc. with rents ranging from $1,200 to $1,799 for a one bedroom. These areas are often times more congested and apartments rarely provide amenities. The condition of these units is relatively basic, but the central location makes these areas quite desirable.
The areas with cheap rents in Los Angeles include Voices of 90037, Central Alameda, and South Central, where a one bedroom is renting from $1,075 to $1,150. Since these areas tend to be impoverished, rents are oftentimes much lower than the average.
LOS ANGELES NATIONAL RENT RANKING
The map above shows the top 10 most areas with the highest median rent prices for a one bedroom apartment. Some of the highest rents can be found the California in areas such as San Francisco, San Jose, Los Angeles, and Oakland.
Comparing rental rates to the rest of the country as of September 2017, Los Angeles comes in at 6th place with one of the highest average rents of around $2,150 for a one bedroom apartment and $3,200 for a two bedroom apartment. The average rent for a one bedroom increased by 8.3% and the average rent for a two bedroom increased by nearly 9.3% compared to the 2016 Los Angeles rent average.
With such steep increases in rents in Los Angeles, it has become increasingly unaffordable for many residents. In fact, a new report from UCLA Anderson School of Management finds that three of the six most unaffordable cities nationwide are all in Southern California with Los Angeles being the most unaffordable area for both renters and buyers alike. On top of the expensive rents, apartments for rents in Los Angeles have also decreased in number. Overall, the continual economic and population growth will push rents and real estate prices even higher in the next coming year.