The Los Angeles housing market has had many ups and downs in its history with more downs in the past two years, due to the housing market decline. Foreclosure numbers skyrocketed in the last two years, property values took a big hit, and the rental numbers increased as many people were forced to re-adjust to the economy or lack thereof. In fact, the economy drove many singles and families from Southern California to states that had lower taxes and a lower unemployment rate.
Although prices in the city have gone down, some areas have also had a big increase, due to the glamor and allure that comes with the Los Angeles scene. Many up-scale neighborhoods like Brentwood, Beverly Hills, and the Hollywood Hills area, continued to flourish in high-end real estate with big-time buyers. Million-dollar homes continued to gain value, thanks to famous figures in Hollywood adding worth to homes and neighborhoods. Breathtaking views, landmark intersections and the chance of paparazzi hiding out in your bushes make for a big price tag!
Most experts expected rental prices to rise as foreclosures increased, but many people to leave California all together which left the rental market with empty properties. Even in these days of recovery, some landlords are slashing prices and guidelines to keep units occupied. In addition to existing properties, many new buildings have been built across the city including a new “artist loft” section in the Downtown area, and prices vary from affordable to “gourmet” (pricey). Knowing the area you would like to reside in from the beginning is a great start, and just remember, rental housing is still cheaper to find in Los Angeles than it is in San Francisco or New York City!
No matter what you are looking for, from a single to a 4 bedroom apartment, you can find it online, in the newspaper, or just walking around the town.
It is projected that rental prices will not remain as low as they currently are, so now is a great opportunity to find affordable housing.