I continue to receive a number of calls on a weekly basis from people looking for a Los Angeles rental. I will tell you, it is starting to get extremely frustrating.
A call will come in on a particular Los Angeles rental property, and by the time I make the call to the listing agent, it has already been leased. You just can’t get there fast enough.
I have discussed this with several of my fellow Los Angeles real estate agents and they are all seeing the same pattern. We are doing more business with Los Angeles rental properties than buying and selling right now. And they don’t stay on the shelf.
This is more prevalent in the up to $3,000 price range, and decreases somewhat as you go up. So, if you are moving to Los Angeles, downsizing your Los Angeles home, or simply making a change in your living arrangements, don’t hesitate when something comes on the market. Be ready to see the home before it is gone.
Be sure you are clear with your real estate agent before they start showing you properties.
- Do you have a pet?
- Does the laundry have to be in the unit or are you O.K. with a community laundry?
- Are you allergic to carpet?
- Is a ground floor unit out?
- How many parking spaces must you have?
Be clear. This will save a lot of time and heartache in your search. By the same token, given the lack of available properties right now, you may want to limit your “must haves.”
Any combination of the items below is what you will need to produce in order to make an offer on that Los Angeles rental property, if you want to be seriously considered, and hopefully, get it:
- Run your credit report. You are allowed one free credit report from each bureau once a year. However finding out how to do that can be cumbersome. Creditscore.com is a good credit reporting site to try. You do need to run all three bureaus and it has to be the full report, not just the scores.
- Proof of income: it could be bank or investment statements, tax return or 1099. Every situation is different. Just know that you will probably have to show proof that you are able to cover the rent for the period of tenancy.
Someone is going to get that perfect Los Angeles Rental property, let’s make sure it’s you.
Los Angeles rental properties up to $3,000 on the Westside:
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Jane, We’re experiencing the same thing here with rentals. I think that once the short sale and foreclosure wave is over and the former homeowners have had some time to rebuild their credit, this market will slow down again. For now though, you’ve certainly given those seeking Los Angeles rentals a good bit of information regarding that market.
I think you are absolutely right, Debe.
We’ve finally hit a point where buying is starting to make financial sense again. Major price declines off 2007 highs, coupled with increasing rental rates are making the buy vs. rent decision tilt in favor of buying for many markets. This is especially true in severely depressed markets where prices are 50%, or more, off highs, but it’s also starting to be true for the Westside, and South Bay (my market).
http://socalrea.com/2011/06/rent-or-buy-in-the-south-bay/
In Manhattan Beach, for instance, estimated annual cost of home ownership is now below the cost of renting when comparing median rental rates against median home values.
We still aren’t quite there yet on the Westside. Hopefully soon, and hopefully the lending restrictions will be eased to allow people back in.
Hi Jane, we are experiencing very similar trends in our area as well. The rentals really go fast, and perhaps reducing your list will provide more options for clients.