Moving to Los Angeles, How is The Rental Market?

You are planning on moving to Los Angeles, and are wondering about the rental market.

Well, it is hotter than ever.  Prices are rising and properties in good areas are going quickly.

Yesterday I went to the first open of a single family rental in Westwood, and the place was packed.

You probably are not ready to buy before you check out some of the Los Angeles communities, because you are not sure where you will want to end up living.  Renting for a year is a good way to find out.  And the easiest way for you to narrow down your search is to use a Los Angeles Realtor®  to help you find that perfect place.  Looking for properties when you don’t know the areas and trying to set up appointments with different agents will drive you nuts.  And using the service of a Realtor® is free to you.  You cannot imagine how much easier it is.

In this rental market it will help if you can be somewhat flexible.  Everyone wants the hardwood floors, inside laundry, gated parking, view, etc. but unless you are prepared to pay a premium, finding them all in one place is going to be difficult.  And if you have pets, you may have to be more flexible.  I can’t tell you how hard it is to find places that will take a small dog, let alone two Great Danes…..

All you need to do is provide your criteria.  Here is a list that helps me:

  • Where your commute will be?
  • Number of rooms (do you need 2 full bathrooms or is 1.5 enough)?
  • Maximum price
  • Number of people living there
  • Do you need furnished or unfurnished?
  • Do you have good credit.  If not can you show proof of funds, or can you get a guarantor?
  • When  do you need to take possession.? If not immediately, are you prepared to pay for the property to be held?

And if you are ready to make an offer on a property, this is what will be needed:

  • Many of the properties handled by an agent require 2 months security to be paid plus the first month’s rent.  There is generally no negotiation on this.  Make sure you are comfortable paying this up front.
  • You will need to run your own credit and provide it to your agent together with the application form they will send you to fill out.  If your credit is not good, and sometimes even if it is, you may be required to provide proof of funds or a letter from your employer.

Most of all, be prepared to move quickly on the property you want.  Because chances are others will also want it.

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