When you live in north-west Los Angeles, you’ve probably been offered a $500,000 apartment in a condo, or a $1.2 million apartment that offers the same amenities but a much more modest price tag.
However, when it comes to apartments in the city, you’re going to need a little more than a $50,000 deposit.
But what if you’re willing to pay for some of the amenities, and you can afford it?
That’s what some renters are doing, according to new research from the National Association of Realtors.
And according to the survey, they’re doing it at a lower price than they’re paying in most major US cities.
Rental vacancies are up to 70% higher in the north-east and north-central areas than they are in the west, which includes LA, the study found.
“It’s not like a luxury condo, it’s a very low-cost, affordable, very high-quality apartment,” says Rachel Reichelt, who has lived in LA for 10 years and is an associate director at NAR.
“The quality of the apartments has not increased over the last few years, but the cost has, so I think you can say that people are taking advantage of that.”
The study, conducted by NAR and the RealtyTrac brokerage firm, examined the average monthly rents in the two main US markets: New York and San Francisco.
Renters in the latter two areas are more likely to rent to low-income families and individuals, while those in New York are more apt to rent apartments to people with high incomes.
In the east, renters are also more likely than renters in the south to rent units with a $5,000 or more deposit, and those renting in the northwest are more inclined to rent a $250,000 to $500k apartment.
The NAR survey also looked at average monthly rent rates across major US city regions.
When it comes down to it, renters aren’t paying much more than they would for a similar apartment in Los Angeles.
But they’re getting the luxury of having the amenities they want, such as a swimming pool, gym, fitness centre and indoor basketball court, for an average monthly rental of about $2,000, according the NAR study.
And while some renters might not mind having a few amenities that are out of their way, others might find themselves in the midst of an ongoing renovation project that would cost tens of thousands of dollars.
“It’s a combination of a lot of things, not just the amenities but the amenities that they don’t have to deal with,” says Reichele.
You can find out more about how to get a new home or rent an apartment in the NARS guide.
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