Sunday, June 3, 2012

How much is that Echo Park apartment? Maybe it’s best not to ask

Apartment investor and blogger Moses Kagan has taken another snapshot of apartment rents, this time focusing on Echo Park rentals north of the 101 Freeway. Anyone now looking for a one-bedroom in this area will find a limited supply and higher rents compared to earlier this year, said Kagan after a survey of  Craigslist ads for Echo Park apartments during the month of May. The median asking rent for a one-bedroom was $1,450 – a 26% increase since February. Rents on two-bedrooms were down from February but the median asking rent was still $1,995. If you could squeeze into a studio, the asking median rent was $1,043.
A check on Craiglist on May 25 found only 24 Echo Park apartments north of the freeway, Kagan said. Perhaps it’s time for tenants in search of lower rents to spend more time looking for places south of the 101.

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