L.A.-Area Rents Skyrocketed 10 Percent This Year, Study Finds
It's not just your imagination: The rent really is too damn high. In the last year, in fact, rental prices in the Los Angeles area increased a shocking 10 percent.
Illustration by Owen Gatley, courtesy of RadPad The graphic above shows average rents in select L.A. neighborhoods in August 2013.
That's according to Venice-based startup RadPad, which analyzed the data from multiple rental services in August 2013, including its own, then compared it to data from August 2012. The study, performed in partnership with RentMetrics.com, found a 10 percent increase.
Nationwide, the increase is just 2-3 percent. So, yeah, we're getting hosed.
The graphic above, produced by RadPad, was created using the average price of a one bedroom apartment in the neighborhoods surveyed. So while by its very nature it's a bit imprecise (the average small apartment in Glendale is probably nothing, amenity-wise like a comparably priced one in Westchester), it is revealing.
Who knew Venice was more expensive than Beverly Hills? And as for all you Silver Lakers: Did you realize you're paying more in rent than those rich dudes in Malibu?
Moral of the story: Being cool isn't cheap.
Maybe that's why L.A. is getting so ridiculously expensive: We're just too awesome for our own good.