Figuring out the average rent in LA is a must for if you’re looking to move there. With top-notch colleges, job opportunities, and outdoor activities galore, LA is known for being one of the most exciting cities for young people to live in the world. However, we’re not going to sugar-coat it, housing is competitive and rent prices can be sky high. Before you begin your apartment search, it’s beneficial to learn the basics about renting in LA. In this guide, we’re breaking down what to expect from LA rent and some tips to budgeting.
Sixth Most Expensive City in the US
According to the LA Times, 60% of the population in LA is renting and rental prices have increased 65% in the last decade. With the average size of an apartment in LA at 792 square feet, we can assume most people are living in small one or two bedroom quarters. The listing service RentCafe reported that the average rent is upwards of $2,500 a month, which easily secures LA as the sixth most expensive city to rent in the U.S. However, even this cost is small potatoes in comparison to what was reported as the average rent in Westwood, a neighborhood outside UCLA: nearly $5,000 per month!
Luckily, these aren’t the only options for renting...here’s a comparison of rental types based on recent data collected by RentJungle:
Studio Apartment: $1,900
If you are flying solo, studio apartments are a relatively affordable choice, but they are not the most spacious.
One Bedroom Apartment: $2,400
A one bedroom will give you a bit more space, but it will come at a significant price compared to a studio.
Two Bedroom Apartment: $3,100 total or $1,550 each
A two or three bedroom apartment offers more space and comes at a lower price if you are able to split the rent between roommates.
The most affordable and spacious option for living in LA are co-living communities like Tripalink where you have your own bedroom in a multi-bedroom apartment or house. With shared communal living spaces like a kitchen and sitting room, you won’t sacrifice comfort, but will save a lot of money, plus have a built in community in a new city. In addition, all of the utilities, a cleaning service, parking, a security system, and WiFi are included, so there are no hidden fees. They have properties in West LA, KTown, and near USC.
Best Neighborhoods for Young People
Where you choose to live should depend on a variety of factors. For example, if you are a student, you will want to be close to campus because the public transportation in LA is not ideal compared to other cities. If you don’t mind a short commute and are looking for an apartment near UCLA, consider living in the neighborhoods of Palms or Sawtelle. If you don’t have a car and need a walkable commute, you’ll have to brave the high prices of Westwood. Follow our advice in our How to Find an Apartment in UCLA article.
If you are a USC student and don’t mind a drive, the best apartments near USC are in Koreatown and Huntington Park. For more information about housing near USC, read our How to Find an Apartment Near USC article. If you’re interested in co-living, Tripalink offers rentals near both UCLA and USC.
Some favorite neighborhoods for young professionals are Los Feliz, Silver Lake, West Hollywood, Culver City, Venice, and Ocean Park. The neighborhood you choose will depend on where you work and how far you’re willing to commute. Check out this article by the Thrillest for a further breakdown of LA neighborhoods.
Before deciding on your living space, calculate how much rent you should pay based on how much money you make. A good rule of thumb is to set aside 30% of your gross monthly income for rent. In LA, expenses like utilities and parking add up, so you don’t want to get in over your head by spending all your money on rent.
Whichever housing option you decide on, try not to let the high rent prices get you down. After all, LA has a lot of great qualities that other (cheaper) cities don’t, like perfect weather, access to both the beach and the mountains, an active nightlife, and quality job opportunities and universities.