Yahoo Finance 4 Tips for Apartment Hunting in Los Angeles
Where can you have easy access to beaches, desert, mountains and the urban jungle? There's no place better than Los Angeles in sunny Southern California. Los Angeles is a sprawling city full of diverse topography, nearly perfect year-round weather and distinct neighborhoods. Whether you prefer the glitz and glam of Beverly Hills or the laid back vibe of Venice, nearly every LA neighborhood has something special to offer its residents.
But living in Los Angeles comes with its cons: It's expensive; the traffic is horrendous; and finding the right apartment in the right neighborhood can be a challenge. Here are four tips to help you secure your new home in LA.
1. Start with your budget.
The first thing you need to do when you're finding an apartment in any city is figure out your budget. While Santa Monica is beautiful and one of the more walkable areas in Los Angeles, it's also less affordable than nearby Mar Vista.
To figure out how much you can spend, start with your monthly net income. Your rent should be no more than roughly 30 percent of that income, which can be challenging in an expensive city like Los Angeles. This is where having a roommate can really come in handy. According to a recent analysis by Lovely, an apartment hunting resource, splitting rent with a roommate can save you over $400 a month LA.
Once you factor in other bills such as student loans, cellphone bills, Internet, cable, utilities and car payments, the number should be about 50 percent of your monthly take-home pay. Paying any more than that makes saving money for emergencies (and doing anything besides eating ramen noodles at home) pretty much impossible.
Some rent prices include utilities, heat and water, while others don't. This makes a big difference in how much you're paying out of pocket each month. You'll also want to take a security deposit into account for your initial payment. Some apartments ask for a smaller nonrefundable move-in fee, while others want an entire month's worth of rent.
Unfortunately, there may be areas you like that are totally out of your price range after you choose your budget. That's why it's a good idea to understand how much you can spend first. If your favorite neighborhood isn't in your price range right now, just remember this: One day it will be -- and you'll be glad you waited until you could more comfortably afford it.
2. Factor in your commute.
Unlike most large U.S. cities, Los Angeles is more of a metropolis filled with a bunch of individual, loosely connected cities that can be far apart. When you factor in the famous LA traffic and limited public transportation, going even a few miles could take you an hour. While living in Sherman Oaks may save you money on rent, you may soon regret your choice if you work in El Segundo. Besides spending a big chunk of time every day in your car, the additional cost of gas and maintenance could outweigh your rent savings.
For your car's health and your sanity, make sure you account for your commute to work when apartment hunting. Google Maps is a great resource for calculating the time it would take you to get from point A to point B, but take heed: Do not underestimate the 101, 10 and 405. You must account for rush hour traffic. Try doing your Google Maps search in the morning before you head to work and in the evening before you head home.
3. Check neighborhood crime rates.
Now that you've got a few ideas of neighborhoods in which you'd like to start apartment hunting, you need to check one more important thing: safety. Crime rates are easy to come by, and they paint a really important picture about a neighborhood -- some areas are more affordable because they're dangerous.
Both Santa Monica and Pacific Palisades have low crime rates but are affluent neighborhoods, while the San Fernando Valley, Del Rey and Mar Vista are a bit more affordable without forsaking safety. Venice Beach and Beachwood Canyon are relatively safe and filled with creative people, though apartments in those areas can carry big price tags. East LA, Compton and Van Nuys, on the other hand, have pervasive violent crime, so it's a good idea to stay away.
4. Make an apartment checklist.
Last but not least, you're going to need a checklist before you start looking for a new place in Los Angeles. Is having a dishwasher important to you? How about an air conditioner? If you have one roommate, are you OK having just one bathroom or one parking spot? Knowing your own requirements will expedite the process immensely.
Niccole Schreck is the rental experience expert for Rent.com, a free rental site that helps you find an affordable apartment and provides tips on how to move.
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