Renting is Cool! But We Won’t Be Hearing That Much Longer.
Renting has been very popular in Downtown Los Angeles for many years now, especially since the big recession of 2008. Many were given the impression by the media that owning a home was a real loser. Owning a home was a loser even for Downtowners from 2009 to 2011. But owning has been a huge boon to Downtowners during most other years. The normal trend is expected to continue, as 2015 will mark the last year that anyone says “Renting is Cool.” This is because the properties in the low and medium price ranges are rapidly turning uncool.
Rental prices have seen the largest increase ever since July. For example, rental prices in 8th and Hope shot up from around $2,500 three months ago, to more than $3,100 for a studio today.
Lease prices in Silver Lake, Hollywood and West Hollywood have increased as well. Despite a large number of rentals, they are virtually all full, so there is almost nothing for lease in those area. The best renters can find under $2,200 today is a horribly ugly Koreatown apartment.
Fortunately there have recently been some cool places under $2,000 in Downtown, such as Higgins lofts as well as some unadvertised bargains.
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