Posted Apr 25, 2013
Searching for Your Dream Home in LA on a Budget? Live with Roommates!
Searching for an apartment on a budget is a daunting task in any competitive rental market, but particularly in Los Angeles where renters are confronted with lifestyles of the rich and famous every day. For all you renters in the City of Angels whose California dream does not include a tiny studio or pricy one bedroom apartment, you can find your ideal home and live the LA lifestyle of your dreams by finding roommates.
We analyzed historical rental data of nearly 250,000 listings in Los Angeles to determine exactly how much you can save by living with roommates, how readily available these properties are and in what neighborhoods they can be found. Drumroll please!
Here is a snapshot of the median price per bedroom of listings ranging from studios to five bedroom homes. This chart also details what percentage of the total rental market these properties make up so you can get a sense for how common these listings are in LA.
As you can see, living with multiple roommates can save you some serious cash on your monthly rent bill. The cheapest option is living in a four bedroom home with three roommates at a median price per bedroom of only $682. However, four bedroom properties are scarce in LA, making up only 2.06% of the market.
Since this is the case, a good option is teaming up with one pal and go in for a two bedroom home. Two bedroom properties are readily available at 23.38% of the market and will still save you 26% on your monthly rent if you were living in a one bedroom.
3 bedroom properties are also a great option, saving you 33% on your monthly rent and representing 8.34% of total listings in LA.
So what does this mean for your California dream?
Cost Savings in Beverly Hills:
- Save 45% by living with three roommates – median price per bedroom drops to $1,249 in four bedrooms, 45% less than a one bedroom (median price: $2,255)
Cost Savings in Venice:
- Save 34% by living with one roommates – median price per bedroom drops to $1,580 in two bedroom homes, 34% less than a one bedroom (median price: $2,376)
Cost Savings in Silver Lake:
- Save 33% by living with two roommates – median price per bedroom drops to $934 in three bedroom homes, 33% less than a one bedroom (median price: $1,388)