In December, 2018, Los Angeles adopted new rent regulations that directly affect AirBNB listings and other short term rentals. Under the new rules, home sharing hosts can only rent out their primary residences and cannot list rent-stabilized units. Hosts also need to register with the city planning department and can put only one unit at a time for home sharing.
All these regulations are intended to ease the housing shortage in Los Angeles today. Millions of tourists visit the city every year and stay in home-sharing units, which, advocates say, is taking affordable properties off the market.
Rental properties are in great demand in the LA metro, where more than half of the population are renters. If you’re planning to rent a home in this competitive market, it’s best to prepare in advance.
See this guide on how to find a rental in Los Angeles:
- Know your budget
According to Zillow, the median rent price in Los Angeles as of January, 2020 is $3,200 or $2.46 per square foot. But with the metro’s sheer size, you’ll find a wide variation in rental prices.
Ideally, your rental expense should not be more than 30% of your income. In screening applications, landlords typically require that applicants’ income is 2.5 to 3 times the rental fee.
- Find a neighborhood that’s right for you
There are around 470 neighborhoods in LA to choose from, and rental rates may vary widely from one community to another. In addition to your budget, other things to consider include the commute time to work, parking, and security. If nearby amenities and recreation options are important to you, check out what a prospective neighborhood has to offer, as well.
Traffic around the metro can be horrible particularly during rush hour. Make it easier on yourself by choosing a neighborhood that requires a relatively shorter commute to your office and other places that are important to you.
- Go apartment hunting
After you’ve zeroed in on a neighborhood, it’s time to search for an apartment. A good way to start is to browse listing sites like Apartment List, Zillow, and Apartments.com. Check out the residential properties managed by SaraVita Properties. We represent only quality properties and ensure excellent management for a worry-free lifestyle.
It may also help to search on foot. Not all landlords advertise or list their properties online, so you might just stumble upon “for rent” or vacancy signs.
- View prospective properties in person
You can schedule a private viewing with the landlord or property manager, or go to open houses. In addition to checking out the property, you should also make sure that you personally meet and talk to the right person, such as the owner or property manager, to avoid falling victim to a rental scam.
- Apply immediately
In a highly competitive market like Los Angeles, it’s crucial to act swiftly. Don’t let any opportunity pass you by. If you find an apartment you like, you should immediately submit an application for it. Make sure you have all the information and paperwork required by landlords, such as bank statements, employment details, the phone numbers of your employer and present or former landlord, and others.
For more information on available rentals in Los Angeles, call SiraVita Properties at 310.963.9680 or send a message here.
If you’re looking to invest in a residential or commercial property in the metro, we can also provide home purchasing tips for buyers.
