It’s no news flash that rent is becoming more and more of a concern in certain parts of Los Angeles.
It’s been that way for decades, yet nothing’s going to stop people from renting in the trendy neighborhoods of this city. Not the potential for earthquakes, not the constant traffic and definitely not the fact that the average rent for a one-bedroom apartment in L.A. is currently $2,736.
All that said, if you’re in the market for a Los Angeles apartment in one of these desirable areas, you might want to commit now. Their rent is only increasing, and quick.
1. Mid-Wilshire
- Price increase over the past year: +20.62 percent
- Average rent for one-bedroom in Mid-Wilshire: $2,979
Mid-Wilshire ranks as the neighborhood with the biggest percentage in rent increase over the past year.
People who live in the neighborhood are only a brisk walk away from the stellar Los Angeles County Museum of Art, the El Rey Theatre, the Original Farmer’s Market and The Grove. Plus, for Los Angeles, Mid-Wilshire can be relatively quiet in its residential pockets, specifically the historic Oxford Square.
Aesthetically speaking, Mid-Wilshire has some incredibly-designed, small-unit apartment buildings, which have miraculously kept their vintage architecture from the ’20s. That’s not to say you can’t find modern high-rise rentals — they’re around (check out Park La Brea) — but the most desirable units are located within the smaller buildings.
2. Mid-City West
- Price increase over the past year: +14.03 percent
- Average rent for one-bedroom in Mid-City West: $3,105
It gets a little confusing with Mid-City West and the aforementioned Mid-Wilshire. There’s a little overlap around the Los Angeles County Museum of Art, the Original Farmer’s Market and The Grove area. That said, it’s no surprise that Mid-City West is only 7 percent below Mid-Wilshire in regards to increased rent prices.
Besides the real estate Mid-City West shares with Mid-Wilshire, it also borders the Sunset Strip, West Hollywood and it cuts into the best part of Melrose Avenue.
Like Mid-Wilshire, you’re going to find a lot of cool, old, small buildings with quirky apartments, but the reason why the average rent on a one bedroom in Mid-City West is $3,105 is because of their newer high-rises like Vision on Wilshire and the resort-like complexes like the Palazzo West at the Grove.
3. Silicon Beach
- Price increase over the past year: +13.08 percent
- Average rent for one-bedroom in Silicon Beach: $2,670
Silicon Beach is becoming like Silicon Valley, but with ocean views. There are at least 500 startups in the area, what was once the coastal-adjacent areas of Santa Monica, Venice Beach and Playa Vista but is now branching out towards Culver City and El Segundo.
Prospective renters looking for apartments in Silicon Beach have to deal with a double whammy though. First off, the aforementioned tech companies are really jacking up the cost of living. Besides rent, boutique restaurant and coffee shops are expensive, and a decent apartment is hard to come by.
So, an average of $2,670 for a one-bedroom apartment might sound high, but considering this apartment at 21 Westminster is just 100 feet off the famous Venice Boardwalk seems promising.
4. Palms
- Price increase over the past year: +8.43 percent
- Average rent for one-bedroom in Palms: $2,456
While the Palms neighborhood of Los Angeles doesn’t have the ocean views of Silicon Beach or the shopping, restaurants or attractions of Mid-Wilshire or Mid-City West, it does have apartments, a lot of apartments.
That’s not to say Palms is boring. Renters who live here like the fact that their neighborhood is 10 minutes away from everything on the westside. You’re centrally located to everything cool, yet your neighborhood isn’t being overrun by tourists or trendy storefronts.
While the average apartment rents for $2,456, you can really stretch your renting budget at The Clarington, located a short walk away from the Culver City Art District, one of the best-kept secrets in Los Angeles.
5. Central L.A.
- Price increase over the past year: +7.02 percent
- Average rent for one-bedroom in Central LA: $2,796
Central L.A. is a stacked neighborhood — that’s not even a neighborhood. It’s so big, it’s a region at 58-square-miles. It includes all of the desirable parts of town like Hollywood, Hancock Park, Beverly Grove, Echo Park, Silver Lake, West Hollywood and about 20 other neighborhoods.
If you’re going to search for rentals in Central L.A., you either need to have strong knowledge of the cities within its borders or know someone who does. But if you’re at an impasse, you can’t go wrong with high-rise beauties like Next on Sixth or Apex. Both are stunning additions to downtown Los Angeles’ skyline, and you’ll know where a good chunk of your rent is going when you soak in the views.
Methodology
We looked at all neighborhoods in Los Angeles with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from March 2018 to March 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on March 2019 multifamily rental property inventory on ApartmentGuide.com and Rent.com and is used for illustrative purposes only. The data contained herein does not constitute financial advice or a pricing guarantee for any apartment.