Los Angeles, CA: City of Angels
With an estimated 3,898,747 residents, Los Angeles is the most populous city in California and the second-most populous city in the United States. It serves as the seat of Los Angeles County. Los Angeles, or simply L.A., is known for its dry summer climate, diverse population, and mix of urban and natural attractions. It is also famous for the Hollywood entertainment industry, earning it nicknames such as “Tinseltown” and “La La Land.”
The culture of Los Angeles is primarily centered around the creative arts. In fact, there are more people working in the creative industry in Los Angeles than in any other city. Notable attractions in Los Angeles include the USC School of Cinematic Arts, the Los Angeles Music Center (home of the Walt Disney Concert Hall), the Capitol Records Building, the Hollywood sign, the Griffith Observatory, Dolby Theatre, and Grauman’s Chinese Theatre.
Additionally, there are over 800 museums and art galleries in Los Angeles alone. These include the Los Angeles County Museum of Art, the Natural History Museum, the Museum of Contemporary Art, and the Getty Center. A host of awards shows, including the most prestigious ones, take place in Los Angeles as well. Other points of interest include Disneyland, Universal Studios Hollywood, the Hollywood Walk of Fame, and the Huntington Library, Art Museum, and Botanical Gardens.
What Is Los Angeles’s Rental Market Like?
Los Angeles has one of the most expensive real estate markets in the country. The median listing price for a home in the City of Angels is $949,900, with some homes going for as high as $250 million. This is unsurprising given the city is one of California’s economic and cultural hubs. Expensive homes, though, are one of the reasons why there are many renters in the city. In fact, renters make up 54.2% of the city’s population.
Image via towncharts.com
Rental property owners can earn a good living in Los Angeles. The average rent in this city is $2,518, which is well above the national average. This also represents a 5% year-over-year change. Moreover, 65% of apartments in La La Land command a monthly rent of $2,000 or higher, with only 11% going below the $1,500 mark.
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Beyond that, Los Angeles also boasts a low vacancy rate. In 2019, Los Angeles County had a 3.96% vacancy rate — significantly lower than the national rate of 5.97% at the time. This is also lower than the vacancy rate in California.
How a Los Angeles Property Management Company Can Help
As a desirable place to live and visit, Los Angeles unsurprisingly has countless rental properties. Behind these properties, though, there are usually landlords who feel overwhelmed with the amount of work it takes to manage their rentals. If you feel the same way, then perhaps it is time to hire a Los Angeles rental management company.
A rental management company can take over all of your duties as a landlord. If you lack time, expertise, or interest in rental management, professional help is the answer to your problems. What can a property management company do for you?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Los Angeles?
There are numerous rental management companies in Los Angeles alone. Finding the one that matches your needs and budget can be troublesome if you don’t know where to look. Use Rental Choice’s comprehensive online directory today. We list reliable property management companies that you can search by city or state.