Saturday, February 23, 2008

Renters Feel the Pain

The ascent of rents in Los Angeles marches on unimpeded despite (or perhaps because of) the languid housing market. As of the 4th quarter of 2007, tenants ponied up an average of $1,695/month in Los Angeles County in larger apartment complexes, according to Realfacts. Analysis of data on Rentslicer reveals the average monthly asking rent for a two-bedroom apartment on the market in the last 90 days is: $4,463 (Beverly Hills/West Hollywood), $2,894 (Santa Monica), $2,830 (Venice), $2,223 (Los Feliz), $2,107 (Silver Lake), $1,903 (Echo Park) and $1,422 (Highland Park). Fewer homebuyers means more renters, which translates into higher rents.