Northern Santa Monica rents average $8,500 a month
IRVINE, Calif., April 21, 2016 – HomeUnion®, an online real estate investing platform enabling value investing in residential properties, has released new data on the most expensive investment home rental markets in Los Angeles County. According to HomeUnion®’s research, homes in coastal communities and in northern L.A. have the highest monthly rents.
“California led the nation in employment growth last year, and Los Angeles created the most new jobs in the state, encouraging residents to form new households,” says Steve Hovland, director of research for HomeUnion®. “This stellar job growth helped tighten vacancy and encouraged home purchases in 2015, severely limiting both for-sale and rental inventory. As the number of available homes remains low, L.A. property managers are pushing up monthly rental rates.”
With average rents of $8,500 per month, northern Santa Monica surpassed all other coastal communities, as well as the traditionally pricey submarkets of Bel Air and Beverly Hills.
Here’s a list of the top 15 most expensive rental markets in Los Angeles County:
|ZIP CODE||LOS ANGELES SUBMARKET||Q1 2016 RENTS|
|90402||Northern Santa Monica||$8,500|
|90077||Bel Air, Beverly Glen||$8,200|
|90263||Malibu, Malibu Bluffs||$7,100|
|90274||Palos Verdes Peninsula||$5,300|
|91011||La Canada Flintridge||$5,200|
|90068||Hollywood Hills, Los Feliz||$5,000|
|90403||Central Santa Monica||$5,000|
HomeUnion® is an online real estate investing platform, bringing value investing to the individual investor in residential properties. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in SFR properties. The company uses a combination of data-driven proprietary analytics to incorporate over 120M homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 21 locations. HomeUnion®’s role spans the lifecycle of the investment transaction: from identifying sound investments; handling all aspects of acquisition; maximizing income; protecting asset value; and selling it when the time comes.