Housing downturn hits L.A.-area rents

[dbapig]

Very interesting. I’ve been living in a med size apt complex near West LA. It’s not dumpy enough that they can use ‘Luxury’ in the name of the apt complex. It’s 50 unit complex and recently (within the past month) they put up a sign promising $300 for referring a friend to rent a unit in the complex.

I’ve been at this unit about 1+ yr and it was 1st time I saw the sign. During the first few months I’ve been living here, any place that opened up was rented out pretty quickly.

I know a person (think a student) moved out to live with her boyfriend. Probably to save $.

[poorsaver]

It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.

[poorsaver]

It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.

[poorsaver]

It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.

[poorsaver]

It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.

[poorsaver]

It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.

[davelj]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I think the higher end areas are seeing softer rents than the lower end areas right now. But the lower end areas will eventually feel the pinch too.

I know of a 400+ unit development in Chula Vista that’s got 3 vacant units. Rents are rising very modestly. This development is near – but not at – the bottom of the rental food chain. I think foreclosures are driving a lot of these folks into apartments. But eventually the foreclosures will get sold and many will be available for rental, which will impact overall rents in the area.

On the other hand, there aren’t as many foreclosures at the higher end, and as medium-to-high end condos come on the market as rentals (from specuvestors and reconversions) – and there are a LOT of these right now – this market is affected.

[davelj]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I think the higher end areas are seeing softer rents than the lower end areas right now. But the lower end areas will eventually feel the pinch too.

I know of a 400+ unit development in Chula Vista that’s got 3 vacant units. Rents are rising very modestly. This development is near – but not at – the bottom of the rental food chain. I think foreclosures are driving a lot of these folks into apartments. But eventually the foreclosures will get sold and many will be available for rental, which will impact overall rents in the area.

On the other hand, there aren’t as many foreclosures at the higher end, and as medium-to-high end condos come on the market as rentals (from specuvestors and reconversions) – and there are a LOT of these right now – this market is affected.

[davelj]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I think the higher end areas are seeing softer rents than the lower end areas right now. But the lower end areas will eventually feel the pinch too.

I know of a 400+ unit development in Chula Vista that’s got 3 vacant units. Rents are rising very modestly. This development is near – but not at – the bottom of the rental food chain. I think foreclosures are driving a lot of these folks into apartments. But eventually the foreclosures will get sold and many will be available for rental, which will impact overall rents in the area.

On the other hand, there aren’t as many foreclosures at the higher end, and as medium-to-high end condos come on the market as rentals (from specuvestors and reconversions) – and there are a LOT of these right now – this market is affected.

[davelj]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I think the higher end areas are seeing softer rents than the lower end areas right now. But the lower end areas will eventually feel the pinch too.

I know of a 400+ unit development in Chula Vista that’s got 3 vacant units. Rents are rising very modestly. This development is near – but not at – the bottom of the rental food chain. I think foreclosures are driving a lot of these folks into apartments. But eventually the foreclosures will get sold and many will be available for rental, which will impact overall rents in the area.

On the other hand, there aren’t as many foreclosures at the higher end, and as medium-to-high end condos come on the market as rentals (from specuvestors and reconversions) – and there are a LOT of these right now – this market is affected.

[davelj]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I think the higher end areas are seeing softer rents than the lower end areas right now. But the lower end areas will eventually feel the pinch too.

I know of a 400+ unit development in Chula Vista that’s got 3 vacant units. Rents are rising very modestly. This development is near – but not at – the bottom of the rental food chain. I think foreclosures are driving a lot of these folks into apartments. But eventually the foreclosures will get sold and many will be available for rental, which will impact overall rents in the area.

On the other hand, there aren’t as many foreclosures at the higher end, and as medium-to-high end condos come on the market as rentals (from specuvestors and reconversions) – and there are a LOT of these right now – this market is affected.

[(former)FormerSanDiegan]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I was driving around in West LA last week and noticed a preponderance of for rent or lease signs. This area is much more influenced by jobs than foreclosure refugees.

[(former)FormerSanDiegan]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I was driving around in West LA last week and noticed a preponderance of for rent or lease signs. This area is much more influenced by jobs than foreclosure refugees.

[(former)FormerSanDiegan]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I was driving around in West LA last week and noticed a preponderance of for rent or lease signs. This area is much more influenced by jobs than foreclosure refugees.

[(former)FormerSanDiegan]

[quote=poorsaver]It’s peculiar how rents could fall when demand is strong due to record breaking foreclosures. I’m in the eastern part of LA county and let me tell you rents here are certainly not going down. 1300 sq. ft. 45 yr. old POS still getting $2000 a month minimum. Sad.[/quote]

I was driving around in West LA last week and noticed a preponderance of for rent or lease signs. This area is much more influenced by jobs than foreclosure refugees.

[Author]

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