LOS ANGELES, CA / ACCESSWIRE / July 12, 2018 / Many people are opting to rent because the cost of purchasing a home is so high. In fact, as of 2017, at least 50 percent of the people who live in Los Angeles are renters. If you are thinking about renting an apartment in Los Angeles, be sure to do your due diligence amongst a few other key factors.
Set a Budget
Obviously, the cost of renting a Los Angeles apartment is going to be more than other parts of the United States due to numerous factors, but you will still need to set a budget for what you realistically can afford to allow not only for rent but for utilities and other possible renters expenses. While NMS Residential Los Angeles apartments for rent almost always include off-street parking and all appliances in the kitchen, many buildings and landlords do not. Be sure that the amount that you determine as the "cap" for monthly rent takes into consideration that you may or may not need to spend additional funds on parking, utilities, storage and either renting or purchasing kitchen appliances.
Another factor in setting the budget for your Los Angeles apartment rental? The location.
Choose the Right Neighborhood
When it comes to choosing the right neighborhoods to rent an apartment in Los Angeles, it isn't always just about where can imagine yourself leading your desired lifestyle. It is important to first consider what neighborhoods may have listings within your pre-determined budget as rent amounts will vary from area to area. In late 2017, Curbed LA created an accurate map based on rents at this link.
Also, unless you are a true "road warrior", be sure to consider what neighborhoods will make your commute to work as painless as possible. Aside from sunshine, Los Angeles is known for its brutal rush hour traffic, regardless of the route that you follow. Be realistic about how much time you mind spending in your car. To be as accurate as possible, map your destination during the time of day that you would be driving on a site or app that reflects drive time according to traffic for several days, or, simply ask someone who does a similar commute. Keep in mind that some neighborhoods do have easy access to the train or EXPO line.
Consider your lifestyle last of all. If you spend most days of the week at work or at school, maybe it isn't as important to live close to the beach because you like to surf just once per week. Or, if you are someone who loves nightlife but only goes out once or twice per week, it may be less important for your to live within walking distance to these places than it is to live closer to work or school. This brings us to…
Determine Your Needs Versus Wants
There are "must haves" and there are "would like to haves" when it comes to making almost any important life decision. When it comes to searching for a Los Angeles apartment, prioritizing your needs versus your wants is crucial.
Some of the most common "needs" that prospective residents have include price, parking and/or distance to public transportation if their pet will be allowed and distance from employment or school. The most common "wants" include the overall size of the apartment, stainless steel kitchen appliances, in-home washer and dryer and onsite amenities such as a swimming pool or fitness center. Seriously consider what you can and cannot live without.
For example, if you are looking for a large apartment but rarely have guests and don't own large pieces of furniture that you cannot part with then "large apartment" would be a "want". However, an example of a true "need" might be if you are very sensitive to sounds from neighbors. In this case, living in a top floor apartment with the minimum amount of shared walls would be a "need".
Visit in Person
Photos and taking online tours are great, especially if visiting your potential new home is not possible due to time and distance factors, however, it is always recommended that you tour in-person as much as possible. Just a few items that you can only gauge from visiting in person include how your cell phone service is, if there are any bad smells in the apartment or building stemming from possible ongoing maintenance issues and if there are any fresh stains or watermarks from ongoing leaks that are on ceilings, walls and under sinks. Apartment Therapy has a great list of more items to check out when touring an apartment at this link.
Be Ready to Apply
Be sure that you are ready to apply as soon as you find the right apartment for you. Los Angeles rentals tend to have an extremely low vacancy rate, so they are high in demand and go fast. At the very least, be ready to provide proof of income, have your ID with you and have enough money in your checking account to pay an application and hold fee. Some buildings will require you to leave the entire deposit while you are waiting to be approved just to "hold" the unit in the meantime and guarantee you are not going to disappear.
Be Open to Alternate Forms of Housing
Being a renter in Los Angeles doesn't just mean having your own apartment anymore; there are other ways to live in Los Angeles, the most obvious alternative being to live with a roommate or roommates. Another option to explore is "co-living". Co-living is where you have your own room which is typically larger than a regular bedroom that has a lock on the exterior. While maintaining your privacy, you share only communal areas such as a kitchen and/or bathroom with one or a few others. In most co-living situations, landlords provide complimentary cleaning of and restocking supplies for these communal areas.
ABOUT NMS RESIDENTIAL
NMS Residential is a privately owned real estate management firm specialized in the professional management of upscale multifamily and mixed-use properties throughout the Greater Los Angeles area. Led by a seasoned team of executives with multidisciplinary backgrounds, NMS Residential's ever-expanding portfolio includes over 18 market rate properties located in Santa Monica, Westwood, Brentwood, the San Fernando Valley and beyond. Throughout our portfolio, we are committed to providing an exceptional living experience for our residents. Our communities feature thoughtful floor plans, exceptional amenities, and boutique-level services.
OUR COMMUNITIES
At NMS Residential, exceptional design, professional service, and luxury living are our highest priorities. Our commitment to quality is visible in everything that we do. That is because we don't just manage apartments, we curate vibrant communities in desirable locations throughout Los Angeles.
From contemporary residences in Santa Monica, to furnished apartments close to UCLA, NMS Residential apartment buildings add character and prestige to their neighborhoods. Located in some of the most desirable areas in the county, our Los Angeles and Santa Monica apartments feature carefully crafted design, stunning interiors, luxury amenities, and top-quality finishes, to provide residents with an unparalleled lifestyle.
Explore our extensive portfolio to see why NMS Residential represents the new standard of Los Angeles apartment living.
SOURCE: NMS Residential