LA, California—Rent-to or rent-to, there’s no shortage of options in the area where people like to live.
But one thing is certain: Los Angeles is a rental-friendly city.
For a while, the rental market in Los Angeles was the envy of the country.
The city saw an influx of developers and landlords eager to rent to those looking for affordable housing, but the market eventually dried up.
Today, Los Angeles has been a rental destination for nearly two decades, and while the city still boasts a vibrant rental market, the trend is fading.
But that doesn’t mean Los Angeles isn’t a rental town, especially for new buyers.
A recent study from Rent-To-Own Los Angeles, which looked at the number of rental units in Los Santos, showed that, while there are fewer than 2,000 units in the city today, that number is growing.
Rent-A-Home LA, a local group that focuses on the rental markets of Los Santos and other Los Angeles areas, released a report titled The City of Rental Growth in 2017.
The report examined how many rental units were available in each of the city’s rental markets, and found that Los Santos has more than twice the number that the median income of its renters.
According to Rent-a-Home, the city of Los Angeles had more than 8,700 rental units available in the Los Santos area in 2017, and that number will reach nearly 14,000 by the end of 2020.
“This is the perfect storm,” Rent-o-Rent LA’s CEO, David Cuartos, told Newsweek.
“The economy has been good for the last decade.
We’ve seen the biggest population boom in the country, and we’re seeing more and more young professionals who have no other option.
The supply is there, and the demand is there.
We need to build more housing, and there are plenty of developers who can do it.”
There are a few big hurdles to making the housing market more affordable for people in the region, including affordable housing supply, said Rent-RENT LA’s chief economist, Tom LaValle.
“We’re not talking about just one or two housing projects, we’re talking about a lot of different projects.
It’s just not the same thing,” he said.
Los Santos was the first major city to implement rent-control policies in the late 1980s, which are considered to be the first steps towards an affordability solution for people who live in expensive areas.
“Rent control is not about trying to build a new apartment building in the suburbs or even in the most affluent areas of the cities.
Rent control is a system that says we are going to allow people to rent the units that they need to live in the communities that they live in,” Cuarto said.
But Cuartes points out that not everyone is willing to pay the price.
“A lot of people don’t want to pay for rent control because they don’t have the money to buy that apartment, or they don’ t want to spend that money to go to rent control, and they also don’t think that the city will be able to take care of the cost of those units,” CPT LA’s Cuartas said.
A large portion of the money that goes to rent-controlled apartments goes towards maintenance costs, which can be a real burden for renters.
“People need to be aware that they’re going to be paying a large amount of money for maintenance,” he explained.
Los Angeles Mayor Eric Garcetti has made rent control a key piece of his city’s affordability plan.
But, he said, the housing shortage is a reality for many people.
“It’s true that the housing supply is low in the whole city, but we still have over 2 million rental units,” Garcetti said.
“So it’s not a perfect solution.
There’s always going to come a time when we need to address that problem.”
CPT Los Angeles plans to host a public hearing on Tuesday, May 29, to discuss how to create a housing plan that addresses the rental shortage in Los Gatos.
“What we’re really focused on is how we can get people who have a financial interest in this issue, to get involved, and help solve it,” Garcett said.
Garcetti also pointed out that it’s possible to create affordable housing for renters by building more affordable housing.
“You don’t need to spend hundreds of millions of dollars on an apartment to make housing affordable for someone who needs it,” he added.