5 of Los Angeles’s Most Budget-Friendly Areas for Rentals
You’ll rarely hear phrases such as affordable housing options in Los Angeles. And yet, you really can find cost-effective living options here.
That means successfully finding apartments or rental homes that are (relatively) affordable, located in neighborhoods with good schools and safe streets. You won’t be living next door to any movie stars or famous music producers, but is that such a bad thing?
You can also find affordable renters insurance in these neighborhoods to help protect your finances. More on that later. But first, let’s take a closer look at a few of the more reasonable places to rent an apartment or home here.
While it often seems that Los Angeles residents are all either spectacularly wealthy, living in squalid conditions with multiple roommates, or homeless, there actually is a significant middle class here. Many of them live in the middle-class San Fernando Valley neighborhood of Encino.
You’ll find generally affordable rental space and homes for sale here. Neighborhood features and attractions, many geared toward families, include the Encino Family Festival, the Taste of Encino, a spacious park, and a downtown that makes the area seem like much more than merely a bedroom community.
2. East Hollywood
It ain’t Hollywood, but your out-of-town friends and family are likely to be impressed with the address in this safe and budget-friendly area.
Local attractions here in “almost Hollywood” include Little Armenia and all kinds of ethnic bars and restaurants. This exciting neighborhood might be a bigger draw to singles than to families. Two-bedroom rentals can average higher than $3,000 a month, but single-bedroom units are much more approachable in price.
You get a good mix of affordable homes and apartments for rent in this Westside ‘hood. You’ll find a good family environment with good schools. There’s also a local skate park, an outdoor pool, and a rec center.
Maybe best of all, Sawtelle is an easy walk to Santa Monica Beach and Venice Beach. That makes this neighborhood appealing to budget-conscious singles as well as to families.
4. Exposition Park
This South Los Angeles neighborhood is especially appealing to younger and single residents on a budget. That’s partly due to its proximity to the University of Southern California (USC).
Exposition Park is also close to many museums and cultural centers.
5. Silver Lake
Who says there are no green spaces in L.A.? This entire neighborhood wraps around its namesake body of water, where you’ll also find walking trails and dog parks.
The relatively inexpensive housing means that about 70% of Silver Lake inhabitants are renters. You’ll literally feel right at home in this L.A. neighborhood.
Other Ways to Save on L.A. Housing Costs
Do you find these “bargain” neighborhood options to still be pretty pricey? You can save money in other ways to help pay for the sticker-price reality of life here. For instance, try to live as close as possible to your job to minimize your transportation costs. Consider taking on a roommate to share costs.
You can take advantage of the calendar as another way of saving. Consider moving between November and January. Rents are often lower during those months because most people don’t want to disrupt their lives by moving during the year-end holidays. It might mean taking advantage of a slightly more affordable real estate market if you can stand a little disruption.
And finally, protect your finances in your more affordable L.A. neighborhood with affordable renters insurance.
Get Renters Insurance Wherever You Rent
Regardless of where you decide to settle in this metropolis, renters insurance offers financial protection when things go wrong. And that can happen in an instant. While the neighborhoods listed above are generally safe, break-ins and acts of vandalism can occur.
The unpredictable L.A. weather can also impact your space and all of your belongings. Wildfires, earthquakes, and windstorms can cause significant damage to your belongings or even leave you temporarily homeless — another sticky situation your renters insurance will help you weather.
If you’re living in a building with other tenants, you have their mistakes and mishaps to think about, too. If they leave a burner on in the kitchen or fall asleep smoking, the resulting fire or smoke damage might affect you and your things as well.
Furthermore, some property managers won’t even let you sign a lease unless you have renters insurance. In a tight housing market like Los Angeles, you don’t need another reason to possibly not find a living space.
Fortunately, you’ll find renters insurance to be, by far, one of the most affordable Los Angeles expenses you’ll ever have. That’s especially true if you reach out to an independent renters insurance broker. An independent agent represents the product line of multiple insurers, so they can go shopping on your behalf for the cheapest rates available on an already affordable line of coverage.
Let Us Shop Rental Insurance Rates for You in California Today
While Los Angeles is hardly the most affordable real estate market in America, you can find living quarters here that won’t break the bank. It’s not easy to find such housing, and you’re still likely to spend more than you envisioned if you’re moving to Southern California from another part of the country. But you can offset that high housing cost in part with very cheap renters insurance. We’ll show you how.