We’re starting to see signs of deflationary pressures in the westside housing rental market.
A quick tour of some notable westside rental markets over the last week, including the LA neighborhoods of Venice, Mar Vista, and Palms, as well as regions of Culver City, has illustrated to me how different things are from even twelve months ago. This isn’t based on methodical metrics. This is just the gut feeling of a guy who has had to go looking for apartments three times in the last five years because his landlord decided to convert his apartment building into condos.
So cruising the craigslistings for one and two bedrooms in these areas has been a bittersweet experience these past few weeks. On the one hand, it’s been great seeing how much purchasing power we renters are getting. It really has become quite the renters market these past few months. As far as I can remember, this is the best time since 2003 to look for a place.
Yesterday, we looked at a 2 plus 2 in Mar Vista. Its rent was listed at $1600. This is over by the 99 Cent Store. We went by it – in a decent enough neighborhood – and checked it out. Two tandem parking spots (one covered), gated entry, upper level unit with an uncommon windows-on-three-sides. I immediately had a good feeling about it when we walked in the door. It also appeared that the owner may have intended to perform *gasp* a condo conversion. The kitchen was in the midst of a minor touch up and the molding had been pulled up to make way for the new wood-like flooring.
So, there’s that.
And then next door there was another building with another sign showing another 2 + 2 for rent. And across the street. And two doors down. And eventually I got overwhelmed and stopped counting.
There is definitely a surplus in the rental market right now.
QuantumTom 