By Jennifer Riner, Zillow
Finding the right-priced rental in Los Angeles can be tricky. On one hand, signing a lease at an apartment with easy access to restaurants, shopping and nightlife is a draw. On the other, price is a big factor, especially when you’re moving to a new city and might not be 100 percent sure of future income.
Right now, North Hollywood, Hollywood and Santa Monica are trending areas to live, given the neighborhoods’ vibes and local amenities. However, given increasing popularity, prices are on the rise.
To best determine cost versus value of your new rental, check out the three following neighborhoods and what they have to offer compared to the median price point.
Located in the San Fernando Valley, NoHo offers a price point cheaper than the median rent in LA of $2,714 per month. At $2,567 per month, North Hollywood is considered a more affordable neighborhood. The NoHo Arts District is a top attraction for young professionals, with more than 20 theatres, boutiques, wide-ranging dining options and art galleries galore. Accessibility is another benefit to renting in North Hollywood, since the main street is within walking distance to Red Line stations. The 101, 170 and 134 freeways are all close by, allowing easy access for daily driving commuters, as well.
Perhaps the most famous of all of LA’s ‘hoods, Hollywood rents aren’t as pricey as a newcomer might think (relative to the rest of the city). At $2,962 per month, the median price point for Hollywood rentals pales in comparison to Beverly Hills, for example. Because it is such a tourist hotspot, Hollywood features top restaurants, unique nightlife options and too many sightseeing attractions to list. But, special events via the entertainment industry do bring crowds, so you might be subject to more traffic on any given night.
An upscale beach town with a more laidback vibe, Santa Monica apartments are in high demand, which pushes prices up in the locale. The median price for rentals in Santa Monica is a steep $4,947 per month, which is outside the budget for most median-income earners in Los Angeles. Keep in mind, not every rental in Santa Monica is pricey and thorough searching might score you a studio in the $1,500 to $2,000 range – just don’t expect a full amenity package or an ocean view. However, the Santa Monica Pier, Third Street Promenade and the Santa Monica State Beach are right at your feet.
It’s no secret that Los Angeles is expensive, but being savvy by scoping out the market at least two months ahead of your move date will allow you to search a wider range of apartments. Keep in mind that median values encompass the full scope of the rental market – including full-sized, single-family homes. It’s quite possible to find a studio upwards of $1,000 in Los Angeles if you’re on a tighter budget. Or, renting a two-bedroom and splitting the cost in half with a roommate is often less expensive than paying for a one-bedroom (in the same complex) on your own.