Moses Kagan on Real Estate

Venice Rent Survey – September 2012

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Time for another look at rents in a gentrifying (gentrified?) neighborhood in Los Angeles. This time, we’re heading over to the Westside to take a closer look at Venice.

Here are the highlights:

  • Median rent for studios was $1,275 (lower than I would have expected);
  • Median rent for one bed / one baths was $2,575;
  • Median rent for two beds was $3,690; and
  • Median rent for three beds was $4,300;

Interestingly, for 1/1s and larger, almost every single unit came with parking, which is definitely not the case in some other gentrifying neighborhoods (Silver Lake and Echo Park, for example).

The most expensive unit on the market is the Venice Beach Penthouse, a pretty amazing two bed on top of a building right on the beach. That one will set you back $12,500 / month. (For what it’s worth, that’s your payment on a $2.5MM mortgage!)

The cheapest unit was a $900 studio about a block from the beach. But don’t get too excited… you have to share a bathroom with the other units on your floor. Still, it’s $900 in Venice.

Finally, a note about the data in this survey: It’s only the 17th of September as I write this. Usually, apartments don’t rent until the third weekend of the month. But when I went back to pull out the best deals to post here, all of the ones I liked were already taken. That, right there, may be the most salient data point of all about the Venice apartment market.

The fine print: Our survey was based on a search of the apartment listings on Craigslist for the word “Venice” on September 13, 2012. We only included listings where an address was available and the property fell within the boundaries of Venice as defined by the LA Times neighborhood mapping project. For the raw data, click here: Venice Rent Survey – September 2012.


Written by mjkagan

09/18/2012 at 4:28 am

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