Tuesday 4 October 2011

Echo Park Rentals: Tips for Landlords and Tenants


Looking for an apartment or house to rent is always stressful; finding the perfect place at an affordable monthly rate in Echo Park is definitely more competitive than even two years ago.

In general, landlords like to see an income from a prospective tenant that is two-and-a-half times the rental rate. As many renters in Echo Park have freelance careers or are involved in the arts in some way, this means landlords must often verify non-standard incomes.

Renters these days expect landlords to answer querries practically 24/7 via email and be accessible by cell phone as much as possible. Clint Lukens, of Lukens Realty, represents property owners and has long managed and leased properties in the area. He provides some very useful tips for renters.

Tips for renters

Landlords are looking for financial stability, be prepared to prove that. Be prepared to fill out a rental application whether online or in-person. This means providing pay stubs or proof of employment, contact name and number for a current employer or supervisor and most importantly: a contact name and number for current landlord and ideally another previous landlord. A credit check is also part of the process.

“If you don’t have a steady income, be prepared to provide that information for your qualified co-signer, whether family member or friend,” advises Lukens. If there is no steady income (for instance, a freelancer who does not receive pay stubs), be prepared to show proof of funds via a bank statement. “Landlords want a tenant that is able to commit financially to the lease they sign,” adds Lukens.

He also reminds that oftentimes renters do not take into account cost of utilities (typically gas and electric in apartment buildings) or parking costs. Many Echo Park units advertise off-street parking only; renting a parking space or frequent parking tickets are costs to consider.

Where to search

For those searching for rentals, the go-to websites in Echo Park are Craig’s List, Westside Rentals and The Rental Girl. However, anyone who has searched via Craig’s List will soon realize, although most listings are legitimate, there are always some bogus ads that link to questionable websites. Also beware the listing that does not include an address—usually a tip-off that the property is not in the area. And dear landlords: Echo Park is not downtown.

The best time to search is during the first two weeks of the month, and in general, renters can expect to pay $800 to $1,200 for a studio up to $2,000 or more for a two-bedroom apartment. The cost of renting one-bedroom apartments varies greatly in price due to square footage, location and parking; currently prices range from $1,000 to $1,700 per month. Houses cost significantly more ($2,000 at the low end) and will also have higher utility costs.

People with pets can expect to pay a higher security deposit. And most landlords prefer non-smoking tenants.

No comments:

Post a Comment