Stiff competition in the housing market is steering a lot of aspiring homebuyers in Southern California from the housing market to the rental market. If anecdotes we’ve been hearing from people are true, the rental market in Los Angeles is also becoming very cut-throat. Bidding wars between potential renters are apparently common and landlords often get inundated by inquiries minutes after posting their properties on Craig’s List.
According to the Los Angeles Times, rental prices have gone up only incrementally, helped by a steady supply of inventory. Still, it doesn’t make finding that ideal rental any easier. The real estate rental startup, Lovely, put out a list of the hottest rental neighborhoods in Los Angeles; on average, it takes just 8 days for a place in Beverly Glen to get rented out.
What can renters do to increase their chances at getting a place? Call in and tell us about your hunt for a residential rental.
Stuart Gabriel, Professor of Finance and Director of the Richard S. Ziman Center for Real Estate at UCLA
Elizabeth Pietrzak, Communications & Marketing Lead at Lovely, a national apartment rental startup based in San Francisco. They put out a list of the hottest neighborhoods in LA for renters.