High Rents Got you Down?

Everyone knows rents have been coming down in our neighborhood. It was really apparent in February when on almost every lease we signed the rent was reduced within a range of 5-10%. However, even with these rent reductions renters are still telling me rents are higher then they can afford. Every renter wants a charming apartment with a yard, a parking space and a garbage disposal at an affordable rate. When this perfect home and rent cannot be found, depression sinks in and the renter starts feeling hopeless . . . and angry. All this sadness and anger have me wondering: why isn't anyone helping these people? Some one just needs to tell them. That is when I decided to write this post. Let me explain it to you all.  

"There is more to life then where you live." -The Rental Girl

When you have searched for weeks, toured hundreds of homes, viewed thousand of online ads, and are still homeless - don't panic. It is not the end of the world. You do not have a home, but you still have a life. And you sure as hell have a cell phone. So call a friend. Take a bike ride down the Los Angeles River. Take Commonwealth till it dead ends and hike for a couple hours up to Dante's Peak in Griffith Park. Grab a blanket and have lunch up in Elysian Park. Read a book at the Japanese Gardens behind the Grace E. Simons Lodge. Watch the sun setting over Hollywood at the Barnsdall Art Park. Sit at a cafe on Sunset and people watch. Pick up some beer and burgers and BBQ at your friends house. Catch a movie at the Vista. Spend the day at the beach. Go whale watching in San Pedro. Take the Metro to Olvera Street. When I started this paragraph you thought I was joking. But I am serious! Get out and enjoy Los Angeles. Period. 

Now that you are under control, let's get back to business. Here are the most important things you need to look for when choosing your future affordable home: 

1) Move to a neighborhood where most of your friends live. 

You may be tempted to choose the apartment with more space, amenities and in better condition in a more affordable neighborhood over the smaller less desirable unit in a neighborhood close to your friends. What you need to consider is how far are you from the people you know? Los Angeles is huge city with a bunch of small neighborhoods and a bunch of cars. You may choose to live only 8 miles from your closest friend (because that house is spacious and 'great for entertaining!'), but that 8 miles is about 30 minutes in traffic. That friend better have a good calling plan cause they ain't ever gonna see you. You might as well move to Alaska. We Angelino's are busy people and unless you want to schedule your friends in your calendar like another business meeting, you better move closer to them. 

2) Is the space manageable?

Downsize. You do not need as much square feet as you think you do. You probably own too much stuff. Most Americans do (*New Yorkers are the exception). Be kind to our environment, recycle and sell it all on Craigslist. First get rid of everything you do not need and THEN move. Otherwise you're going to end up paying $400 bucks extra a month for a few hundred extra square feet for your random stuff. Swim in the ocean, not your stuff. 

*NYers, here is the exception: You pay high rent for teeny tiny spaces in NY. My advice to New Yorkers is do not move to LA expecting to pay the same rent for a LOT more space.  Spend less in rent for a LITTLE bit more space. 

3) Can you accessorize?

You do not have to watch hours of the DIY network or read hundreds of design magazines to figure out how a little creativity can go a long way. Empty apartments are bland and boring. Bland and boring apartments are usually more affordable. Have some vision and do not be scared. You can do it. I believe in you.

4) Is it close to the metro and areas with things to do?

This is the most important factor. When you are not working, you want to be able to park your car and get out and enjoy Los Angeles. You want to be able to enjoy the city, your life - not just your rental. Rentals close to major streets are usually more affordable and closer to shopping, restaurants and cafes.

Finally, remember that rentals are temporary so stop taking the search so seriously. No matter how you look at it, whether you are planning on living in the next rental for 1 year or 10, it is still temporary. Take advantage of the reducing rents in this economy and learn to appreciate all the free activities Los Angeles has to offer. And when the economy eventually improves and rents increase -  you can have peace of mind: there is more to life then your Rental.