What drives the increasing cost of renting an apartment in Los Angeles? Foreclosures and rising demand from young people, says a study from the University of Southern California.
USC's Lusk Center for Real Estate says Angelenos renting apartments may see a 10 percent increase over the next two years, but rents may level off in 2013. Is your rent comfortable or too high? Vote in the poll below and tell us what you think in the comments.
The percentage of renters living in Westwood is higher than the state average of 44 percent. The data below are from 2010.
In the 90024 zip code in Westwood (which covers UCLA, some of the North Village, and most of the neighborhood bounded by Wilshire and Santa Monica Boulevard), 60 percent of residents were renters. There were 12,247 renter-occupied apartments. Of those renters, 15,306 paid more than $1,000 each month in rent. Almost 5,000 renters paid more than $2,000 each month in rent.
In the 90064 zip code in Westwood and Rancho Park (which includes most of the neighborhood south of Santa Monica Boulevard to the 10 Freeway), 52 percent of residents were renters living in 7,749 renter-occupied apartments, as of 2010. Most renters paid more than $1,000 in rent each month.
The 90025 zip code covers some of the Westwood neighborhood south of Santa Monica Bouelvard, but most of it lies west of the 405 Freeway. The majority of residential buildings in that neighborhood are rentals, and the data reflects that. To see data on 90025, click here.
In 90067 in Century City, 46 percent of residents were renters in 2010—still above the state average of 44 percent. There were 654 renters who paid at least $1,000 per month in rent and 247 renters who paid less than $1000 per month.
This article was compiled with information from City News Service.