416 N La Fayette Park Pl, Los Angeles, CA 90026 4 Bedroom Apartment for $1,350/month - Zumper (2024)

FAQs

How much do you need to make to afford a one bedroom apartment in Los Angeles? ›

If you're following the recommended 30% rule, you'll need an income of around $119,520 or $57.46 to comfortably afford a one-bedroom apartment in Los Angeles. However, MIT also estimates that the minimum living wage with no extras, student loan payments, or emergencies is $26.63 an hour.

1: Los Angeles, CA Rent Statistics: An Overview

In May 2023, the average apartment rent price in Los Angeles, CA was $2,784. Since this time last year, apartment rent prices in LA have increased by 10% - up from $2,533 in May 2022.

Offer to pay a few months of extra security deposit. Offer to pay several months of rent upfront, when you sign the lease. Find a cosigner, or work with a company which guarantees leases.

As a rule of thumb, a good salary in Los Angeles is between $100k and $200k gross per year. Based on the cost of living in Los Angeles, this should come down to a minimum of $76,710 yearly after taxes.

So, $12 per hr for 40 hrs would be $480/week. Assuming 4.33 weeks in a month, that would be $2,078.40 monthly. 1/3 of that monthly income would be $692.80, so let's say $700 would likely be the most that many landlords would consider to be affordable.

Los Angeles did not make the top ten, ranking #17. Here, a single person needs $110,781 annually or $53.26 in hourly wages to be comfortable, according to the data. For a family of two working adults with two children, a salary of $276,557 is needed. Anaheim and Long Beach also made the list, tying for #14.

Los Angeles might have a high cost of living but it has plenty of affordable neighborhoods to live in. Below you can see the top 5 cheapest places to live in LA: Panorama City and Pacoima. Larchmont Village.

With monthly living expenses around $3,277, the cost of living in Los Angeles is above the US average. Having savings between $10,000 to $15,000 will help before relocating, serving as a safety net for unexpected expenses, job transitions, or unforeseen moves.

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

Why is it so hard to rent in Los Angeles? ›

It's not in your head. Due to the buyer's market brought to us by COVID-19, unemployment, and the oil bust, tenants are being more selective on properties, looking for cheaper places to live, moving out of the state/country, and looking for spaces to accommodate remote schools/jobs.

March and April: These spring months offer more pleasant weather, fewer crowds, and a reprieve from the higher rental costs of summer months​. Fall and Winter (October through March): A mix of mild weather and lower rental costs make these months attractive for moving, especially if budget is a concern​.

Most landlords seek credit scores of 650 or higher as a sign of tenant responsibility. Applicants with scores below 600 may face additional hurdles in securing approval. Exact minimum thresholds vary widely depending on factors like the type of apartment, current occupancy rates, and the landlord's discretion.

There is no minimum credit score to rent an apartment. Landlords and real estate agents will typically ask a potential tenant for permission to view their credit score or credit report to screen them for financial responsibility. If your credit score is less than ideal there are ways to build your credit score.

You'll want to shoot for having a good credit score — generally in the range of 570-739 — to get an apartment. While you may be able to still get an apartment if you don't have solid credit, it will make it more challenging with the competition you're likely to face.

Los Angeles did not make the top ten, ranking #17. Here, a single person needs $110,781 annually or $53.26 in hourly wages to be comfortable, according to the data. For a family of two working adults with two children, a salary of $276,557 is needed. Anaheim and Long Beach also made the list, tying for #14.

Utilities are not a major expense in Los Angeles. In fact, electricity for a mid-sized, one-bedroom apartment cost approximately $101 per month, which is slightly less than the national average at approximately $110 per month. Phone and internet services vary by plan, but typical rates are around $192 per month.

The data used in the study analyzed the cost of living in each city as of 2022. For California cities like Los Angeles, Berkeley and San Diego, a single person must make more than $76,000 to “live comfortably,” the data shows.

In California, the general rule is that there can be two people in each bedroom. The formula that is sometimes used is called the 2-plus-1 one formula. This means that two people can be in each bedroom, but you can have one additional person for the entire home.