Renters and Landlords know that the Silver Lake rental market is hot… but they might not know how hot.
The median asking rent for a 2 bedroom, 1 bath apartment in Silver Lake in January was $2,195 per month.
Other interesting conclusions from the survey:
- Would you pay $250 per month for a bathroom in Silver Lake? Median asking rents for 2 bed / 2 bath apartments came in at $2,445.
- Looking for a family apartment? 3 bed / 1 bath units came in at $2,725. Adding another bathroom gets you all the way up to $3,000. At least they all come with parking at those prices.
- Studios are in very short supply. In late January, we could find only 3 real studios in Silver Lake proper, and they were asking between $900-1,100.
- Median asking rents for 1 bed / 1 bath apartments came in at $1,400. That figure jumps to $1,450 if you want parking included.
What does all of this mean…
…for Silver Lake landlords: If you haven’t raised your rents this year, you should. Remember: Apartment buildings in Silver Lake are worth around 120x the monthly rent. So each $100 of rent increase increases the value of your building by $12,000
… for renters in Silver Lake: If you have decent credit, it’s time to consider buying. With mortgage rates below 4% and federal FHA loans available for up to 96.5% of the purchase price, you can buy a 2 bed / 1 bath home for about what it costs to rent one.
Where do these numbers come from? We reviewed all of the bona fide, Silver Lake apartment rental listings on Craigslist at the end of the last full week in January. Here’s the raw data: Silverlake Rent Survey – Jan 2012 – Final.