At the start of lockdowns and at the height of the pandemic, we saw a decline in connection with rent in LA, mortgage and selling prices, even mortgages around most states. This was brought about by having to work at home, many chose to stay with immediate families in the suburbs to cut back on expenses. As a result giving up their Los Angeles abodes became widespread. Since there is no need to be physically present in the offices, there’s no need to be near the area of work as well, rent in LA decreased at most to encourage other renters.
But now that things are getting a little better, prices of houses and apartments in Los Angeles, whether short-term or long-term lease or rent, even for sale are seen to be going up again. As the entertainment industry opens up, employees are getting back to the usual work, and as California opened up, the market is seeing a rise as people flock back to urban LA.
A Different Perspective
Pre-pandemic, people were ok living alone. While social distancing is heavily encouraged, some people think having a roommate may prove beneficial – you can have someone to count on and you can be responsible for someone else. A helping hand in these times is a big relief for anyone.
Emergency Renters Assistance Program
As with many states helping out on rents, the city has given help for LA residents through the Emergency Renters Assistance Program. Some of the provisions include “tenants cannot be evicted before the expiration of the City’s Emergency Declaration. The City’s Emergency Declaration is still in effect and will continue to be effective until further notice. The City of Los Angeles ordinance protects tenants that have unpaid rent due to COVID-19 the end of the local emergency period at which point tenants will have to pay the amount owed by May 1, 2023 or 12 months after the local emergency period ends, whichever date comes first.”
The program has given many residents relief and protection from being homeless and anxious. You can find out if you are eligible through this website.
Impact on Tourism
With tourism now being open, museums, fun parks and other establishments can finally be visited, means hotels and lodgings are also on demand.
Residents and tourists must practice physical distancing, wear cloth mask or coverings in public and follow public health directives. Hotels and lodging are open for leisure travel with the above-mentioned protocols in place. As people gather, there’s a high chance that a surge of infection might happen again, but with vaccinations has been rolled out, people are being more confident to go out and book accommodations for a much needed vacation. Nevertheless, we still should be careful.
Thankfully, it is safe to enjoy beaches around California. The public is encouraged to still practice social distancing, but those in the same household can enjoy having a picnic together.
Museums and Co
Museums, art galleries, and other such spaces are open, but a mask is required while inside. It is best to look at protocols of individual establishments about their safety requirements.
As some states early this months announced a vaccination-verification requirements for many types of indoor public spaces, the city of LA said it might consider something similar. Some restaurants and bars went with this approach, but others are not keen to observe such guidelines. Call and ask as you book or before you dine.
Rent in LA in 2021
According to Zumper, an online listing for accommodations, the past month shows the average rent for a studio apartment in Los Angeles remained flat. The average rent for a 1-bedroom apartment increased by 3% to $2,045, and the average rent for a 2-bedroom apartment remained flat.
The Most Affordable Neighborhoods in Los Angeles seem to be Pacoima where the average can go for $800/month, followed by North Hills West, where the average rent can go for $1,150/month, and Coastal San Pedro, where the average rent can go for $1,350/month.
With things getting a little bit stable in connection with the pandemic, there could be a demand and a rise in the rent market as indicated by the trends.
Whether you are looking to rent for long-term or short-term, if you are wanting to move to LA or just visit, find the best neighborhood that you’d be comfortable with, this goes beyond rent. Most of all, stay safe and considerate.