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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.
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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.
#housing