Rest assured: renting in West Hollywood will still cost you a pretty penny. However, if you believe the Big Brother of the L.A. rental market (a.k.a. Westside Rentals), then the average rent in WeHo declined 1.5% recently. Never mind some of that funny math going on.
A recent article in the WeHo News explored the rental market in WeHo and the supposed rent decreases. It turns out that the average rental price for units in the area has declined, but this mostly comes from a temporary increase in supply, not landlords actually decreasing prices. Don’t pack up and move to WeHo for a bargain just yet because the average price of an apartment in WeHo is about $1850.
And just when we renters felt good about not entering the frenzy of the purchase market, we can feel bad about ourselves again. Rents in L.A. overall increased 7% in 2005, and occupancy hit a record of 97%. Maybe we should have bought that studio with rotting walls for $500,000…
·Rents on Decrease in WeHo? Maybe… [WeHo News]