The rental market in Los Angeles is constantly changing, and Jonathan Eppers, CEO of RadPad, joined Studio 11 LA to talk about December rental trends and what potential renters need to know to secure the best deal and location for their new apartment. RadPad is a local photo-based mobile rental marketplace that uses curated photos to help apartment hunters search for their right apartment.
Eppers will be joining us on a monthly basis to give us updated information as the rental market changes.
The graphic displayed in this story reveals the average cost for a 1 bedroom and 2 bedroom apartment in select cities across the nation.
The average 1-bedroom rental coast across the country is $1,628. The Average 2-bedroom rental cost is $2,068.
Most Expensive One-Bedrooms in the United States (Dec 2013)
Most Expensive Two-Bedrooms in the United States (Dec 2013)
So how does LA fare during this historic rental rise?
While it seems like we're close to the median of apartment costs in the US, Los Angeles is still on the high end of the rental spectrum. Across the country we are seeing that there is a decreasing supply of apartments and an increasing demand for renters because of the rising housing market.
Homeownership is at a 20-year low due to the housing bust between 2009 - 2011 and that's pushed a lot of people, who previously owned a home, back in to the rental market.
Throw all these homeowners who are back in the rental market with us millennials, who we're calling 'Generation Renters' and it's driving the 405 freeway during rush hour.
Finding a rad place to live can be like trying to find a needle in a haystack.
How do you get ready for the new year and finding an amazing rental?
For renters, stay educated and do your homework on where you may like to rent early and often. Start making a list of your "must haves" so that you can begin determining what price range you will be searching in and which areas may suit you best.
Start saving for a deposit, generally you will need to save at least one month's rent.
Be ready to have the property owner run your credit and background. You almost can't rent anything today without a credit and background check.
Finally, be proactive and bring a pay stub or a copy of your most recent back statement with you. No one ever does this and it'll show the property owner how serious you are about their pad.
For property managers, embrace mobile!
With smartphones used to manage every aspect of our lives the rental industry, if they aren't already, need to integrate mobile options into your services.
Ease of use and quality of the listing are the most important featured for renters today. RadPad makes it easier for both renters and property managers to find and list the best pads in the area.