To rent, or not to rent?

February 2, 2018

Thinking about finding a new apartment in Los Angeles? You might be able to save money by moving in at exactly the right time, according to a new report. A study released this week showed that rental prices in L.A. peak in June, when they are 4.1% higher than in November—the most affordable month of the year to rent. Based on the median price of listings posted on rental sites in 2017, that 4.1% difference amounts to a savings of $85 per month for a 1-bedroom unit.

If you’re renting a 2-bedroom, the best time to do it is December, when prices are 4% lower than in September (when they peak). In 2017, renters saved themselves $103 per month just by waiting 3 months to sign a lease.

Separate reports found that L.A.’s rental prices dipped in October, November, and December of 2017—after rising steadily for the previous eight months. Despite the slight downturn in 2017’s 4th quarter, reports estimate that rents continue to rise across the L.A. Basin at a rate higher and faster than the percentage of price increases on condos (like our listing pictured here) and single-family homes.

 

0

CalBRE #01428775