While Los Angeles is a near-legendary destination for aspiring entertainers and actors, with equally legendary nightlife, there are plenty of other reasons to consider a move, depending on your career path.
Some of the biggest names in social media, including YouTube, Facebook, Hulu, and Snapchat, are currently based in Los Angeles.
However, you may be surprised to find that two out of the three biggest employers are the county and city of Los Angeles. Other top employers include retailer Target Corporation, aerospace and defense specialists Northrop Grumman Corporation, and healthcare conglomerate Kaiser Permanente.
Naturally, a robust presence of top-tier businesses tends to draw a larger crowd, directly affecting rents and vacancies for multifamily homes in Los Angeles. So let’s take a closer look.
A Premium Location With Premium Prices
Also known as LA, the “City of Angels,” and “Tinseltown,” Los Angeles retains an immense appeal for would-be residents because of its idyllic weather and unique lifestyle. However, if you’re not being transferred by an employer who will assist with moving costs, you’ll need to be prepared.
This is because Los Angeles is also home to one of the nation’s highest living costs, with housing commanding premium prices.
In addition to annual state income tax bills for residents, the cost of living in Los Angeles is currently 49% above the national average. Housing prices also run around 128% above the national average.
As a new renter headed to Los Angeles, you should familiarize yourself with insights into the city’s lifestyle and what to expect from landlords and property managers.
We’ll look at average rents for several one-bedroom apartments, so you’ll have a ballpark estimate of your monthly rent and how much living space will be on offer.
Before you search for an apartment, here’s a preview of the Los Angeles lifestyle and what to expect after you move.
An Introduction to Los Angeles
Los Angeles is world-famous for its sunny weather and miles of beaches. The weather is mild to warm year-round, with some hot midsummer days.
Considering LA is a sprawling city with over 500 square miles of cities and suburbs, temperatures can vary as much as 36 degrees between inland areas like San Fernando Valley and the Los Angeles Basin to the south.
About 3.9 million live in LA as of 2020, LA only trails New York City as the nation’s largest city. As a result, residents have practically-endless options for all sorts of pursuits, from art galleries to museums to amusement parks.
Here’s what to remember when shopping for an apartment or other multifamily unit for lease in Los Angeles.
Average Prices for One-Bedroom Apartments in Los Angeles
While the current average price of a one-bedroom apartment in Los Angeles is around $2,734 per month, apartment prices in the city vary significantly by area and amenities.
According to MyEListing.com data, here are some notable statistics regarding monthly multifamily rents in Los Angeles:
- From $701 to $1,000: 1% of available units;
- From $1,001 to $1,500: 7% of available units;
- From $1,501 to $2,000: 19% of available units; and
- Over $2,000: 74% of available units.
Want to know how much square footage you’ll get for your rent? Read on to learn more.
Average Sizes for One-Bedroom Apartments in Los Angeles
The average size of a one-bedroom apartment is 792 square feet. However, you can choose from studio apartments to spacious, multi-bedroom floor plans.
Miles of beaches, many featuring paved cycling paths, draw thousands of new residents to Los Angeles each year.
Want to check out a particular Los Angeles neighborhood? Area Vibes allows you to search by city, suburb, and zip code. Also, check out a neighborhood’s Livability scale as its residents assign.
However, no matter which neighborhood has your preferred vibe, rent price, and amount of living space, you’ll want to research its safety. Here are some resources.
Living in a Safer Neighborhood
Like any big city, Los Angeles consists of safe and not-so-safe neighborhoods, and knowing which is crucial to secure residency.
Checking out a neighborhood’s potential safety has become more accessible, however. For example, Neighborhood Scout allows you to check out neighborhood crime ratings.
When you’ve prepared a shortlist of neighborhoods that fit your budget and personality, you may have a choice of landlords or property managers.
Is Your Landlord an Individual or a Corporation?
It’s common for most modern apartment complexes to be purchased by institutional investors and managed by property management companies, especially in a primary market like Los Angeles.
However, suppose you decide to skip the conventional apartment building and shop for a duplex or triplex instead. In that case, you may find that the individual property owner is your landlord, making it easier to communicate your wants, wishes, and concerns.
Ready to start packing? Here are some things to consider before heading to the bright lights of Los Angeles.
Financially Prepare Yourself for the Los Angeles Lifestyle
While Los Angeles offers endless work, study, and relaxation opportunities, those headed to LA will need to be financially prepared to face the higher prices that come with sunshine and palm trees.
If possible, landing a job in Los Angeles before you plan your move is ideal. If not, you may want to find a friend or relative to make a move with you so that you can share rent and other costs.
You may be interested in: 7 Things You Need to Know Before You to Move to LA