Los Angeles apartment rents are soaring.
A new survey by the real estate firm Reis showed that the median rent for an apartment in the city jumped 7% last year to $2,074 per month.
While some new listings have been rising in price, most are priced competitively with apartments in other markets.
That means you can save $1,000 on your first rental in Los Angelas, if you live in a two-bedroom apartment with a kitchenette, a living room and a dining area.
Here’s how to rent in Los Angels.
Don’t rent at home When you live alone, you can avoid the price hike in your first month.
Renters can rent an apartment on the first day of their lease and the apartment will be under $1.25 per square foot.
That’s still cheap, but it’s not nearly as good as a studio apartment or a two bedroom apartment.
That said, you could still get a good deal.
You could also get a two or three bedroom apartment for about $1 per square feet.
That makes for a more affordable rent.
Renting a condo or condo with utilities can be cheaper.
If you’re renting from a commercial lender, you should also consider buying a condo instead of a two to three bedroom, or even a four bedroom apartment, says Reis president and chief economist David Mazzucchelli.
That way, you’ll be able to take advantage of a lower monthly payment on your monthly mortgage.
And the extra space and amenities can help keep your costs down.
If your new apartment is on a lot of land, consider a condo, where you can park your car and enjoy the city, Mazzuchelli says.
If the market is hot, consider renting out a home, like a duplex.
You can pay less for a one-bedroom unit, or a three bedroom with a walk-in closet.
Take advantage of the discount The first month of rent in LA is usually the best time to buy a home.
“There’s no such thing as a perfect month for a new renter,” Mazzucci says.
“But you want to be careful and make sure you get a great deal for your first lease.”
If you live far from your neighborhood, or you’re not sure if your neighborhood is worth a home and rent, check out the Reis list of LA neighborhoods with the most vacancy.
It might be worth looking at neighborhoods with some new residents, which are mostly in the east or south, says Mazzuch.
You may want to consider some neighborhoods like Downtown Los Angeles or Downtown Santa Monica, which has a higher number of new residents than most other areas, Mizzucchells says.
Keep your budget flexible Reis recommends a budget of at least $1K per month for rent.
It’s also a good idea to shop around for the best deal.
“Make sure you can afford the price and you can live a reasonable lifestyle, which is something you’ll want to keep in mind if you’re looking for a place to live,” Mizzuchells advises.
Make sure you have enough space In order to save money, you need to find a good location for your apartment.
“You want to find the perfect apartment that will be affordable for your budget,” Mitzuchell says.
You might want to look for a studio or one- and two- bedroom apartments with a living area or kitchenette and a kitchen counter.
You’ll also want to check out apartment rents in downtown Los Angeles, where a lot more people are renting apartments, so you can use that information to get a better deal, Mitzucchell says, as well as apartment rentals in the Southland.
If that’s not an option, try a studio, which usually costs about $900 per month, and a two and three bedroom in the same area.
You’re likely to save some money, especially if you can find a space for a walk in closet.
Get a list of potential renters to help You can rent from a broker or from a real estate agent if you want, but the real challenge is getting a list that includes renters who will fit your budget, says Michael Mazzuca, the head of Reis’ Los Angeles office.
“It’s really hard to find all the people in the market that you can trust, and it’s a good sign if you have a great tenant list,” Mizzy says.
For the best results, Mizzy recommends getting a realtor to work with you.
If they don’t work out, the broker can ask a broker to work for you, he says.
Rent a car to take you to the movies A car is a great way to get around, Mzzuchell adds.
You won’t have to worry about paying for gas or maintenance, and you’ll get the chance to see