I field many requests from people looking for Wilshire Corridor rentals, so I would like to answer some common questions I receive.
The Wilshire Corridor consists for the most part of high-rise condominium buildings, each unit being owned by a private party. There are a few apartment complexes, but when people think Wilshire Corridor they think of the luxury full-amenity condo buildings.
Below are answers to some of the questions I often get from people wishing to rent on the Corridor.
Q: Is it possible to get a short-term rental?
A: No. Most, if not all, the homeowners associations of these buildings don’t allow less than a year’s rental. There is no way around this.
Q: Can I have a pet?
A: Yes and no. Some buildings allow pets, usually with a size restriction. Some don’t. And even if the building does allow pets, the individual owner of the property may not. Your agent will have to ask.
Q: How expensive is it to rent on the Corridor?
A: For the full-amenity buildings, the minimum lease is going to be around $2,500, but more commonly it will start around $3,000. The median price is around $4,250. The highest leased over the past year was a three-bedroom at The Carlyle for $15,000 a month and there is presently a three-bedroom, unit available at The Californian for $24,950 a month.
Q: Are the units furnished or unfurnished?
A: You may find the odd unit that is furnished, but usually they are unfurnished.
Q: Do I have to pay the homeowners’ dues?
A: No. The owner of the unit pays the dues.
Q: What is included in the rent?
A: Your additional expense will include utilities, such as gas, electric and cable. The owner pays for water. However, there may be an instance where utilities are included such as at the Wilshire Regent, but that is rare. Everything else is included in the rent.
Q: Where do I park?
A: In some of the full-service buildings you can park your own car, but in most cases the valet will take your car and park it. You may call down before leaving and have them bring the car around.
Q: Where do my guests park?
A: In most cases, if you just have a few guests, the valet will handle their cars. If you are having a party then you will be allowed a certain number of parking spaces above which you will need to pay.
Q: Do I have to tip the valet?
A: In most cases no. There are a few buildings where it might be O.K. occasionally, but most of the buildings forbid tipping. You can always give a gift over the holidays, which is what the residents typically do.
Q: Can I use the facilities?
A: Absolutely. As a tenant in the building you have almost the same rights as the owner.
Q: What are the rules:
A: When you move in your landlord is required to provide you with the homeowners rules and regulations by which you must abide.
Q: Is the price negotiable?
A : Everything is negotiable. You can always ask
Q: Can I write a lease option agreement?
A: Probably not, since a seller is not going to want to tie in the the option at today’s prices. However you can request first right to buy should the owner wish to sell.
Q: Is there a move-in move-out fee.
A: Almost certainly yes, plus a deposit held by the building until they are satisfied that nothing has been damaged.
If you have any other questions about Wilshire Corridor rentals, don’t hesitate to contact me.