The L.A. rental market grew 10 percent last year, according to information from RadPad, the first photo-based mobile rental marketplace, and RentMetrics.com, real-time data and analytics company for the rental market.
That’s four times more than the average.
In addition, the companies report surprising rental costs for one-bedroom, one-bathroom apartments for various areas of L.A., including the most affordable and most expensive places to live.
Los Angeles is the second largest rental market in the U.S., with 42 percent of residents as renters. The majority of households make less than $75,000 annually.
Key findings include:
The most affordable neighborhoods, based on one bedroom, one bath include Crenshaw ($869/month), North Hollywood ($1,040/month) and Korea Town ($1,235).
The most expensive neighborhoods include; Brentwood ($2,540/month), Westwood ($2,485/month) and Marina Del Rey ($2,445).
Neighborhoods like Santa Monica, Beverly Hills and West Hollywood are rent-controlled, so renters are advised that looking in these areas early and often is key.
Thursdays are the best days for applicants to be apartment hunting. The fewest number of renters look for places on Thursday, the most on the weekends.
Property owners looking to list a new rental should post it on Monday before 11:00 AM.
Data shows that more renters are searching for pads on Mondays than any other day of the week.
“Finding the right renter for your property/apartment can be very difficult,” says Joshua Swanson, CEO of GoToMyApartment.com. “It’s the perfect time for an application like RadPad to become available. We see our renters revolving around their smartphones and getting frustrated with older services. RadPad gives property owners and landlords a quality and reliable tool to list available properties. RadPad has made it very easy to create listings quickly, reach our target audience and find quality candidates that are ready to rent.”
The RadPad mobile app (for iPhone) makes it easy for renters to find their ideal rentals, with curated content and images. RadPad has most recently launched its application in the Austin, Boston, Chicago, Dallas, Denver, Houston, Portland, San Diego, San Francisco, Seattle and Washington DC markets.
American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.