After more than a year of crazy home price increases, renting may be the safer and more affordable option these days. But that doesn't mean renting is cheap--and it definitely isn't in West Hollywood. Wehoville says it's the second most popular place to rent in the area, right after Santa Monica, and talks to one leasing specialist who says he saw one unit get 20 applications in the span of a few hours. It's a marked difference from a few years ago when buildings were frequently 10 to 15 percent empty and landlords were slapping down hardwood floors and granite counters left and right to try to attract tenants. And with apartments in such crazy high demand, rents are of course shooting up. One agent says rents have been going up for the past year, but the past few weeks and months have been even more dramatic--possibly driven by college students arriving before the start of the semester. His advice: "If you see something, you have to grab it." It's like the "If you see something, say something" campaign for well-off partiers.
· WeHo's High Demand, Low Inventory Rental Market Sends Prices Sky-High [Wehoville]
· Now's a Good Time to Be a Renter in Los Angeles [Curbed LA]