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San Fernando Valley rental prices starting to match reality

By m1ckey6   Follow   Wed, 29 Jun 2011, 3:31pm   541 views   3 comments
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The prices of home rentals in the San Fernando Valley (and LA generally) have finally started to re-enter rational territory.
Middle class housing is now settling in the $2,500 to $3,500 range for decent houses in decent neighborhoods. Landlords are very keen to rent as well - they are answering their phones quickly, turning up on time and are happy to perform reasonable requests for upgrades.
This is a huge change from the bubble days. During the bubble the supply of rentals was poor because everyone could "buy" their home. Anything reasonable rented for $5k and up with a "take it or leave it" attitude.
This is also peak rental season in LA. Summer is when all the wannabes flock here.

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1. corntrollio Follow Befriend (5) 27 threads 2,073 comments

   1   3:49pm Wed 29 Jun 2011   Share   Quote   Permalink   Like   Dislike   m1ckey6 says Middle class housing is now settling in the $2,500 to $3,500 range for decent houses in decent neighborhoods. Landlords are very keen to rent as well - they are answering their phones quickly, turning up on time and are happy to perform reasonable requests for upgrades. This is a huge change from the bubble days. During the bubble the supply of rentals was poor because everyone could “buy” their home. Anything reasonable rented for $5k and up with a “take it or leave it” attitude. Are you serious? I know someone who rented a 3/2 in West LA/Mar Vista for around $3K/month in 2008. How were houses in the Valley at $5K during the bubble? For $5K, you could rent a prime house in West LA in 2008.

2. FortWayne Follow Befriend (13) 103 threads 3,768 comments

   2   5:15pm Wed 29 Jun 2011   Share   Quote   Permalink   Like   Dislike   it is spotty. Our neighbor is renting their place out for 1300 (3bd, 2bath) a month. Yet there is another one just 2 blocks from us who wants 4 grand for his place which can't rent out. Most people out here are poor Hispanics, making minimum wage so I'm just seeing declines all over.

3. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

   3   7:29pm Wed 29 Jun 2011   Share   Quote   Permalink   Like   Dislike   Heres a studio condo that sold for 50k recently. http://www.redfin.com/CA/Winnetka/20234-Cantara-St-91306/unit-234/home/3672386 Here is another studio condo that sold for 66k http://www.redfin.com/CA/West-Hills/7125-Shoup-Ave-91307/unit-208/home/3099442 These are bottom end of course. But its crazy when the 'working folks' are even today paying 600k for a starter home in the SF valley that is 'south of blvd' but you can buy 10 apartments for 600k just one or two miles north (dont have to go to NV or AZ anymore!). Probably its better to buy 10 apartments vs one crappy 3/2 built in 1960.