If you’ve recently looked at any rental sites searching for that perfect apartment in LA it’s obvious some of these prices are quite expensive. Honestly, it can be discouraging and leave you with the obvious question of “Who’s able to afford this?”.
A recent study by RENTCafé give us a glimpse into why the rental prices continue to creep higher in the LA area. It turns out that there’s a market for wealthy renters and it’s not lacking in demand!
The number of renter households in the U.S. that earn more than $150,000/year increased by 217% in the past decade, with a whopping 1.2 million affluent households joining the ever-growing rental pool.
When broken down by city, Los Angeles has the third-highest number of wealthy renters in the country, approximately 51K, an 8% increase between 2014 and 2015. Still, the majority of LA renters (59.7%) earn less than $50,000/year.
This influx of wealthy renters into Los Angeles has dramatically increased rents in some areas that were once affordable.
For example, a one-bedroom in the Downtown LA area can now fetch up $5,000 in certain areas.
Yikes! How Can I Find an Affordable Apartment in LA
Don’t fret, it’s still possible to find an affordable apartment in LA but you must be strategic in your search and flexible with your living options.
Here a few tips we recommend:
Live in the Valley– The Valley area of Los Angeles is much cheaper than the Westside of LA. When apartment searching in the Valley look at the following neighborhoods (Van Nuys, Northridge, Reseda, North Hollywood, Woodland Hills).
Find a Roommate– I know some of you may be reluctant to find a roommate but it is highly recommended for those that are working with a limited income. Having a roommate can not only ease the amount of rent you will have to pay but it can also help you move to a nicer and safer neighborhood.
Move to the outskirts of LA– If you’re not afraid of a commute there are many alternatives to living inside LA that still provide you with close access to the city. Check out one of our previous articles by Stacey Garrat where she gives you a full breakdown of affordable cities outside of Los Angeles.