Apartment Rentals On The Rise: RadPad Reports What You Need to Know Before You Rent in LA Photo-based mobile rental startup, shares tips and the best deals for Los Angeles renters
LOS ANGELES, Sept. 4, 2013 /PRNewswire/ -- RadPad (www.onradpad.com), the first photo-based mobile rental marketplace, and RentMetrics.com, real-time data and analytics company for the rental market, published a new data infographic which found the LA rental market to have increased 10 percent over the past year, four times more than the average (generally 2-3 percent). In addition, the infographic shows surprising rental costs for one-bedroom, one-bathroom apartments for various areas of LA including the most affordable and most expensive places to live.
"Today, a one-bedroom apartment can cost you $2,000 more in rent per year than it did last year," says Jonathan Eppers, CEO of RadPad. "With a 10 percent increase in the rental market over the past year, its likely that you're paying for 13 months of rent in 2013. LA is the second largest rental market in the nation, its very competitive and finding the right place to live is tricky, we want to make it easier for people to find the perfect place to live."
Los Angeles is the second largest rental market in the U.S., with 42 percent of residents as renters. The majority of households make less than $75,000 annually, the data released in the latest infographic, helps renters understand where to look based on their rental budget.
Key insights from the RadPad's Infographic include the following tips for renters looking to rent a single apartment (one bedroom/one bathroom):
- LA 's most affordable neighborhoods include; Crenshaw ($869/month), North Hollywood ($1,040/month) and Korea Town ($1,235)
- LA's most expensive neighborhoods include; Brentwood ($2,540/month), Westwood ($2,485/month) and Marina Del Rey ($2,445).
- Neighborhoods like Santa Monica, Beverly Hills and West Hollywood are rent-controlled, so looking in these areas early and often is key.
- Thursdays are the best days for apartment hunting. The fewest number of renters look for places on Thursday, so you have a much better chance of seeing a new property while everyone else is planning out their weekends.
- Property owners looking to list a new rental should post it on Monday before 11:00 AM. Data shows that more renters are searching for pads on Monday's than any other day of the week.
"Finding the right renter for your property/apartment can be very difficult," says Joshua Swanson, CEO of GoToMyApartment.com. "It's the perfect time for an application like RadPad to become available. We see our renters revolving around their smartphones and getting frustrated with older services. RadPad gives property owners and landlords a quality and reliable tool to list available properties. RadPad has made it very easy to create listings quickly, reach our target audience and find quality candidates that are ready to rent."
The RadPad mobile app (for iPhone) makes it easy for renters to find their ideal rentals, with curated content and images. RadPad has most recently launched its application in the Austin, Boston, Chicago, Dallas, Denver, Houston, Portland, San Diego, San Francisco, Seattle and Washington DC markets.
Find the best rentals with RadPad's mobile app - https://itunes.apple.com/us/app/radpad/id553082951
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RadPad and RentMetrics.com partnered to analyze more than six months of rental data, compiled from hundreds of rental services including rentals listed on RadPad. Neighborhood rents were determined by evaluating the 'mean' or average for 1 or 2 bedrooms August 1, 2013 - August 31, 2013.
To determine how much the rent of a one-bedroom apartment has risen in the City of Angels since August 2012, more than 23,000 rents were analyzed across the city. Information on the price of 2-bedroom apartments are also available at http://blog.onradpad.com
RadPad (http://www.onradpad.com/) is the first photo-based mobile rental marketplace that makes it easy for property owners and renters to list and find rentals around town. Since launching in January 2013 RadPad has quickly grown to become the largest, mobile rental marketplace in Los Angeles. RadPad is also available in Austin (TX), Boston, Chicago, Denver, Dallas, Honolulu, Houston, Portland, San Diego, San Francisco, Seattle and Washington DC! Five-star rated in the app store, RadPad is the 12th ranked app in the apartment category.
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