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Whether it’s your first apartment or your 10th, finding and renting an apartment is an overwhelming process. You have to consider everything from your monthly income and budget to the ins and outs of the rental application itself. While finding potential apartments is a lot of work, you can simplify it if you’re organized and know exactly what you need to do.

Don’t let the stress of finding and renting an apartment get in the way of your decision to move. We’ll walk you through everything from the rental application to the responsibilities the landlord owns. By following these 10 steps, you’ll figure out how to rent an apartment in no time.

1. Know your budget so you can pay rent

First, it’s important to understand how much you can comfortably afford to pay. Typically, no more than 30 percent of your monthly income should go towards your rent payments, according to the U.S. Department of Housing and Urban Development. For example, if you make $65,000 a year, you’d allocate $19,500 annually — or $1,625 per month — toward rent payments. Use our rent calculator to find out how much you can reasonably afford.

When breaking down your budget, you’ll also need to consider other elements of housing costs. This includes expenses like the application fee, first month’s rent, the security deposit, utilities and renters insurance. These expenses are not usually included in the rent itself so you’ll need to add this into your budget before you start looking for your ideal apartment.

Also, you’ll likely need to run a credit check to find out our credit score, which can influence the rental agreement. Most landlords prefer to rent to people with high credit scores because it’s a good indicator of your financial history. Before you sign the lease or rental agreement, the landlord will run a credit report to ensure you have good credit and can fulfill your financial renter responsibilities.

Once you have your financial ducks in a row, you can start looking for your own place to rent and move on to the next phase of the apartment hunt.

2. Decide if you’ll have a roommate

People have roommates for a variety of reasons. Some people like the companionship that comes with having a roommate. Others choose to live with a roommate for financial reasons. And sometimes, it’s a combination of both.

If you’re worried you can’t afford an apartment on your own, you may want to find a roommate to share the security deposit and monthly rent, utilities and household expenses. Splitting a place with one or more roommates means you could get a bigger apartment in a building with more amenities.

Roommates are also a good option if you have poor credit and need a co-signer on the rental agreement. A co-signer is someone who signs the lease agreement, too, and is legally responsible for paying the rent in full should the other renter not be able to pay the month’s rent. Co-signers should understand their legal and financial responsibility before committing to signing the lease.

Regardless of your reason for wanting a roommate, you should choose someone who is financially responsible and whom you’d be comfortable living with for at least a year. Unless your rental agreement is month to month, you’ll likely be locked into a lease for 12 months.

3. Determine where you want to live

Next on the list of things to do when looking for a rental unit, is to determine where you want to live. You need to decide which apartment complexes to look at in certain neighborhoods and cities.

When making these decisions, consider things like safety, walking distance to work or public transit and how many restaurants, parks or recreational facilities are nearby.

Once you’ve found the location you want to live in, you need to decide what type of place you want to rent and what amenities are important to you. You could rent anything from a studio apartment to a two-bedroom apartment to a single-family home. Check out the property’s amenities, such as an onsite fitness center, laundry, pool, security or parking. Make a list of your wants versus needs. Your rent will likely increase if the property management company offers more amenities and on-site perks.

Make sure you take time to learn about the neighborhood you’re thinking about moving into, as well. Sign up for a virtual tour or make an appointment with a leasing agent to take a walk through the area. This could help you make up your mind about which unit you’d like to rent, especially if a few places are similar in cost or size.

You’ll want to visit the neighborhood during the day and also later at night to determine if it’s a good fit. This way, you’ll get a sense if there’s a bustling café or restaurant scene, whether it’s quiet at night or too rowdy for your taste and how safe it feels.

Generally, you can expect to pay higher rent if you want to live close to major metropolitan areas. However, your transportation costs and commuting time will increase if you move further away — so consider what’s more important to you.

4. Take apartment tours to see your options

The apartment hunt is equal parts exciting and overwhelming. If you’re searching for your first apartment, take the time to see a variety of options before you rent an apartment.

Whether you are taking a virtual tour or a self-guided tour, you’ll want to visit different apartments to find the one that best suits your needs. Try to limit your tours to no more than five at a time. Otherwise, the units will blur together and the process can become overwhelming.

It’s a good idea to snap photos of the exteriors and interiors of each apartment and take a few notes during your tour so you can compare them later. Don’t forget to ask questions about the building as you visit, so you can collect as much information as possible that will help you decide which place works best for you.

One other thing to consider is that your first apartment isn’t necessarily your dream apartment. You want to find a place that meets your needs and budget, so try not to fixate on finding the dream apartment and skip over places that are good choices, too.

5. Line up personal references for reference letters

First-time renters often need to convince landlords they’ll be excellent tenants. Since you may not have a rental history or credit history yet, you’ll need some solid personal references who can vouch for you and help boost your chances of getting the apartment.

You can get reference letters from a variety of people, but typically, references from friends and family don’t impress landlords because their recommendations will likely be biased. Instead, ask someone like your work supervisor who can confirm you’re dependable and trustworthy. Or, ask your former resident advisor if you lived in a dorm to act as your personal reference.

By having these personal references lined up in advance, you’ll be one step ahead of any other tenants who are looking to lease the same space.

6. Fill out an apartment application

In hot housing markets, the first qualified applicant usually wins the apartment, so you’ll need to have everything to fill out an application form to move the process ahead quickly. Make sure to read the apartment application thoroughly so you don’t miss any important line items.

Landlords and property managers determine whether or not you’re a good candidate based on the information on your application forms. They look at things like salary, after-tax income, job history, credit and background checks to help make their decision.

The more paperwork and information you have on hand, the easier this step is. To complete an apartment application form, you will need things like:

  • Your personal contact information
  • Your driver’s license
  • Your personal references
  • Proof of income and pay stubs
  • Tax information and tax returns
  • The name of the co-signer
  • Your roommate’s name and information, if you have one
  • Proof of renter’s insurance, if you have it
  • The non-refundable application fee (these range from $25 to $100, depending on the apartment and the city)

7. Complete a credit and background check

A property management company and most landlords will conduct background checks on you to make sure you’re a qualified candidate for the potential apartment. They’ll look at your rental history to see if you’ve defaulted on loan payments or rental payments to ensure you can pay the monthly rent on time. They’re also using the credit check to see if you have bad credit as this can indicate your ability to pay rent on time. Lastly, they’ll also look to see whether you have a criminal history or not. Any of those things could cost you the unit.

The rental application and credit and background checks are the easiest ways for property management to determine if you can pay rent on time and if you’ll be a qualified, responsible tenant.

8. Review the lease or rental agreement in detail

It’s crucial that you read through the entire lease agreement before signing on the dotted line. Like any contract, this legal document has important information and rules that you have to understand before agreeing to move into the building. Understanding your basic rights as a tenant is part of renting an apartment, too.

Usually, the lease will lay out whether or not they allow things like pets or smoking. It will also outline the tenant-landlord checklist that highlights what you need to do and what the tenant needs to do. This is a good time to confirm which utilities come included in your rent, and how much other utilities cost. Some apartment buildings cover the cost of heat, hot water and electricity, while others also include things like Wi-Fi or cable TV.

Your lease will also detail things like if you get a parking spot and how much you need to pay for parking. It’s smart to ask about past car break-ins so you can understand the safety at the apartment complex, too. Break-ins can increase the cost of your car insurance, so it’s smart to know about the history of parking lot safety. Likewise, ask the landlord about any past property damage. Most apartments will keep a record of them for you to review.

If there are any clauses you don’t understand, ask the landlord or property manager what they mean before, and, if applicable, a co-signer, sign the rental agreement.

9. Pay your security deposit and fees

Most apartment buildings will ask you to pay a security deposit equal to the monthly rent at the same time you sign a lease. This fee will cover any future damage you cause to the unit during the time you’re living there.

You may also need to pay either one month’s rent or both the first and last month’s rent upfront. Some apartments also require additional fees if you have pets. Also, landlords may require you to have renter’s insurance and show proof of payment for that. These fees are in addition to the initial application fee you paid.

Make sure you ask what fees you’re responsible for paying in advance. You want to have them on hand when you’re finalizing your budget and when it’s time to sign the lease. You can bring a debit card, check or sometimes a credit card to pay these fees.

10. Plan your move

Now that all the paperwork is complete — start planning your move. Find out the exact move-in date. And ask your landlord or property manager where the moving truck can park on moving day. Also, find out if you have to reserve an elevator for the day of your move. Some buildings restrict moves to certain days or times, so plan yours accordingly.

Then, book your movers or truck rental, making sure to leave yourself enough time to pack. Contact the utility companies to put the contracts in your name. Then, everything’s turned on once you move into the apartment.

The bottom line

Figuring out how to find an apartment and live on your own means taking care of lots of details. But, if you get the basics taken care of early on, it’s easier to follow your plan and stay organized. After sorting out all the paperwork and moving details, you can enjoy the freedom and fun of having your own unit.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.

Source: rent.com

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Running an Airbnb in L.A. has never been more profitable.

As the city tries to crack down on illegal listings, and advocacy groups complain about the company’s effect on L.A.’s housing crisis, hosts are charging higher rates than ever while raking in bigger and bigger payouts.

But don’t expect them to talk about it.

Data show that a vast number of homes are operating without an active registration, which is required by the city to operate a short-term rental. Several such hosts spoke to The Times anonymously for fear of being fined by the city or, worse, getting their listing shut down by Airbnb.

“This is my primary source of income,” said one host who operates three different listings. “I’m finally making a decent living off of this. One listing alone wouldn’t cut it.”

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Since 2020, revenues for hosts have steadily risen far beyond pre-pandemic levels. The average revenue climbed to $17,654 in 2022, up more than $4,000 year-over-year, and the numbers are at a similar pace for 2023, according to data from short-term rental analytics company AllTheRooms.

In total, L.A. hosts earned a combined $375 million last year, a spokesperson for Airbnb said.

A few factors contribute to the rise. For one, daily rates for Airbnb rentals have spiked over the last four years, swelling from $152 in 2019 to $244 in 2023. It’s a trend that’s happening across the short-term rental industry, as hotel and VRBO rates have steadily risen since the COVID-19 pandemic as well.

Basic supply and demand is another factor. Save for a drop during the first few months of the pandemic, Airbnb occupancy rates have largely stayed consistent, with the average rental occupied more than 40% of the time. But the amount of listings has dropped dramatically.

In August 2019, there were 16,973 Airbnb listings in L.A. Currently, there are 7,360.

Supply is down for now, but advocates worry that if revenues continue to rise, more homeowners will convert properties into Airbnbs.

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Much of the drop was due to the pandemic, but the supply hasn’t risen since 2020 partly due to the city’s enforcement of its Home-Sharing Ordinance, a law that went into effect in 2019 that limits Angelenos to hosting only short-term rentals in their primary residence — homes where they can prove they live at least six months per year.

L.A. and Airbnb have worked in tandem over the years to enforce the law, launching a system in 2020 that streamlines the process of identifying and taking down illegal short-term rental listings.

It has been effective; the number of listings for short-term rental units across all home-sharing sites has dropped more than 70% over the last four years, going from roughly 36,600 in November 2019 to just under 10,000 in June 2023, according to the city planning department.

But plenty remain.

The Times previously reported that thousands of listings violate the law, and last year, a report claimed that 22% of L.A. listings host guests for more than 180 days a year.

“I can’t afford to rent out my place for only six months a year. I’d lose half my revenue,” said one host who rents a two-bedroom apartment in Hollywood on Airbnb.

Two other Airbnb hosts hung up the phone mid-interview when asked about whether their listing was their primary residence, or whether their registration number was valid.

“It’s a don’t ask, don’t tell system. I can’t afford to have my business threatened over a registration number,” one said.

The average daily rate for an Airbnb in L.A. has risen to $244 in 2023.

(K.C. Alfred San Diego Union-Tribune)

As of August, there are 4,293 active home-sharing registrations, according to the city’s planning department. But on Airbnb alone, there are currently 7,360 listings up for rent.

“L.A. has a big enough rent problem on its own, and then you have a rogue industry that swoops into the city and starts taking rental properties off the market,” said Peter Dreier, a professor at Occidental College.

Dreier worked with the team that drafted Measure ULA, a new tax that funnels money toward affordable housing initiatives, and said that the short-term rental industry is contributing to both the housing crisis and homelessness crisis.

“When you take units off the market and rent them to tourists, one consequence is that it leads to more people fighting over fewer units. And that leads to higher rents,” he said.

The planning department is preparing a report with other departments analyzing enforcement of the Home-Sharing Ordinance. It will provide recommendations to the City Council on how to improve the program.

In the meantime, more listings bring more tax dollars. L.A. charges a 14% transient occupancy tax, often called a “bed tax,” paid by guests in a hotel or a short-term rental such as an Airbnb.

In the 2021-22 fiscal year, the city collected $33.88 million in transient occupancy taxes, according to the planning department.

It’s a hefty amount, but a report from McGill University urban planning professor David Wachsmuth suggests that the city could be raking in even more by fining illegal short-term rental listings.

The study claimed that 45% of all short-term rental listings are illegal in one way or another, and that the city could have levied between $56.8 million and $302.2 million in fines in 2022.

“I’ve never paid a fine, but my guests pay the tax. As long as the city’s getting money from somewhere, they’ll be fine,” said the Hollywood Airbnb host.

Randy Renick, an attorney with Hadsell Stormer Renick & Dai LLP, serves as executive director of Better Neighbors LA, a coalition that includes hotel employees, renters’ rights groups and housing advocates. He co-founded the group in 2019 as a public education campaign to emphasize the impact that short-term rentals have on communities.

He said rental hosts bend the rules in a few ways. One strategy is the bait-and-switch, where a host will advertise that a property is somewhere near the border of Los Angeles, such as West Hollywood, and thus not subject to L.A.’s stringent rules. But when renters show up, the property is actually in L.A.

Others give false registration numbers — some more cleverly than others.

“1234567 was popular for a while,” Renick said.

Some simply use expired registration numbers, and others used an active registration number but for several properties.

The organization’s website keeps a hotline for Angelenos to call and report illegal listings in their neighborhood, and Renick said they receive multiple calls per week.

From there, they urge the city to take action for matters both small and large. Sometimes it’s a call asking to enforce a fine on a certain property, and sometimes it’s a campaign on how short-term rentals can drive up long-term rent in an area by taking homes off the market and renting them to tourists.

“We try to show the impact of short-term renting and how it’s contributing to the housing and homelessness crisis,” Renick said. “Robust enforcement will result in returning thousands of units back to long-term rental.”

He pointed to Santa Monica and New York City as two cities that L.A. could model itself after. Santa Monica has a robust enforcement system, including multiple full-time staff focused on interviewing owners and issuing fines to illegal listings.

The coastal city allows only short-term rentals (less than 30 days) if the host lives on the property throughout the visitor’s stay. New York City adopted a similar rule last year, and the enforcement begins on Tuesday.

Though it has a long way to go, Renick said L.A. has raised the bar on proof required to show that a listing is the host’s primary residence.

Frank Tai, the owner of a luxury beachfront rental in Playa del Rey, has seen that process firsthand. He has only one listing and makes sure to renew his license every year, but the process has gotten more laborious over the years as both the city and Airbnb look to catch illegal listings.

“I’m in compliance, but it’s a lot of work. I fill out a 40-page application every year and send in property tax statements, utility bills and other documents,” he said. “Every year, something gets kicked back. They’re trying to stay on top of things.”

Tai said the process is well worth it. His rental is very profitable; it’s booked throughout the entire summer, and nightly rates double during vacation season. He didn’t even experience a slowdown during the pandemic, simply a switch from out-of-town customers to L.A. locals looking for a staycation.

“I don’t sneak around the system, but I’m guessing people do because it’s so profitable,” he said.

Source: latimes.com

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L.A. is an entertainment hub (obviously), but it’s not just movies you get to see here. There’s plenty of live entertainment, including ballets, concerts and plays. Los Angeles is also a culturally diverse city with people streaming in from around the world. Food, art, entertainment and festivals celebrate the city’s rich diversity.

While many people think that moving to California in general — let alone a big city like Los Angeles — is out of their budget, we beg to differ. We’ve gone on the hunt and found some of the cheapest neighborhoods in Los Angeles that offer spectacular amenities while staying within budget.

What is the average rent in Los Angeles?

In 2021, Los Angeles rated No. 77 on a list of the most expensive cities in the world. How does it compare to other cities in the U.S.? According to the Los Angeles Almanac, L.A. is the 16th most expensive city in the country. That said, it’s still cheaper than other California cities (San Francisco, Irvine, Santa Barbara and Oakland) and approximately 25 percent more affordable than the most expensive city in the United States, Honolulu.

How does that translate to rental fees? The average cost of rent in L.A. is $3,910 for a two-bedroom apartment. New and existing renters in the city love it because rental prices are down by 13.37 percent over the past 12 months.

The 10 most affordable neighborhoods in Los Angeles

Are you ready to make the move to L.A.? If so, we have some suggested neighborhoods for you. The following communities are some of the cheapest neighborhoods in Los Angeles, perfect if you’re on a tight budget or just starting out.

10. Hancock Park

  • Average 2-BR rent: $2,950
  • Rent change since 2021: -16.06 percent

Though Hancock Park isn’t the cheapest of Los Angeles neighborhoods, it’s one of the few communities to decrease over the past 12 months. In fact, of the 53 Los Angeles neighborhoods we evaluated, Hancock Park had the third-highest decrease in 2021.

Apartments for rent in Hancock Park are upscale and perfect for families looking for a centrally-located residential community that’s closer to Downtown L.A. than Beverly Hills or Brentwood.

The neighborhood is one of L.A.’s most prominent. Initially, developers created the community to house celebrities and movie studio executives. Therefore, many homes in the area are expansive with large yards.

Gorgeous, mature palm trees line the street, and you can see the Hollywood sign from your window.

Commutes range from 20-60 minutes by car, though by public transit, they can take up to 80-90 minutes, depending on traffic.

9. Westlake North

Source: Rent./The Visconti
  • Average 2-BR rent: $2,931
  • Rent change since 2021: -0.16 percent

Another one of the few neighborhoods on our list to have an actual price decrease over the past 12 months is Westlake North. Because it’s one of the cheapest places to live in Los Angeles, it’s a haven for artists and young families. Residents get the best of both worlds here in that they’re close to Downtown L.A., but they get to live here at a much cheaper rate.

The Westland North neighborhood is one of the first residential areas in Los Angeles, rivaling Manhattan’s Upper East Side as an area of affluence.

Residents and visitors who love art, history and excellent food gravitate to Westlake North because of its fantastic eateries and hot entertainment spots. You’ll also find many historic landmarks, including Lafayette Park, MacArthur Park, Temple-Beaudry and Filipinotown. The neighborhood is going through a revitalization process, with artists from the greater Los Angeles area converting abandoned rail tunnels into public murals.

8. Chinatown

  • Average 2-BR rent: $2,895
  • Rent change since 2021: +7.81 percent

If you want to live in a neighborhood rich in history and tradition but has a cool, modern vibe, look for apartments to rent in Chinatown. The area has traditional pagodas, as well as contemporary art galleries. Residents in the area can range from multiple generations of Chinese families to hipsters looking for apartments in the cheapest neighborhoods in Los Angeles.

Chinatown is home to the most famous restaurants in L.A., including The Original Philippe and The Little Jewel of New Orleans, famous for French Dip sandwiches and delectable Cajun food.

Bordering Chinatown is Echo Park and Downtown L.A., and most commutes average five to 20 minutes depending on your mode of transportation.

There are several public schools in the area, and parents of Chinatown give the schools above-average ratings.

7. North Valley

  • Average 2-BR rent: $2,878
  • Rent change since 2021: +1.52 percent

While most of the neighborhoods on our list had significant increases in rental fees in 2021, North Valley had the lowest increase overall, making it one of the most affordable neighborhoods in Los Angeles.

North Valley is in the northern part of the San Fernando Valley, and residents often call it the Deep Valley. This neighborhood is home to the second-largest park in L.A., O’Melveny Park, which you’ll find off Balboa Boulevard. The park is beautiful, lush and clean with picnic tables, restrooms and paved paths. A steep, six-mile loop trail in the park will provide you with a great workout!

The neighborhood is ideal for retirees and families, with plenty of activities for all, including a trampoline park for the kids and a golf course for the grownups.

6. Northridge

  • Average 2-BR rent: $2,728
  • Rent change since 2021: +15.39 percent

Despite being one of the cheapest neighborhoods in Los Angeles, residents often refer to Northridge as the jewel of San Fernando Valley. Though 60,000 people call it home, Northridge is still one of the least populated neighborhoods in L.A.

Check on any community ranking site, and you’ll find that Northridge always receives an A or A+ rating. Residents love living here because of the gorgeous weather, as well as the fantastic shopping. The Northridge Fashion Center is the largest mall in the area, and it will meet just about all your needs — if not more!

Another reason this neighborhood ranks so high is because of the housing. Apartments for rent in Northridge are affordable, well-kept, safe, modern and have attractive architectural features.

5. Northridge East

  • Average 2-BR rent: $2,591
  • Rent change since 2021: +9.42 percent

If you’re a student of California State University – Northridge, you’ll probably want to start looking for apartments for rent in Northridge East. Not only is the university located right in the middle of this area, but Northridge East is also one of the cheapest neighborhoods in L.A. That’s a win-win for college students because living near the school will help you save time and money.

Also nearby is Aliso Canyon Park, a (mostly) undeveloped space with rugged trails for hiking and horseback riding. They also have bike paths. Spending time here is a great way to get some exercise, spend time in the great outdoors (which is excellent for your health!) and get some peace and quiet from city living.

The Northridge East Neighborhood Council is also very active and helps improve the community’s business climate and quality of life.

4. Park La Brea

  • Average 2-BR rent: $2,533
  • Rent change since 2021: +3.13 percent

You might think that moving to one of the cheapest places to live in Los Angeles would mean you have to compromise on things like luxury amenities. Actually, that’s not the case, especially if you move to the Park La Brea neighborhood. This stunning community consists of an interesting mix of modern high-rise apartments, townhouses and garden cottages.

The Park La Brea neighborhood is in the heart of L.A., just adjacent to West Hollywood – a place you might never guess would have some of the most affordable apartments in the city. But it does, and the amenities provided in this facility are truly impressive. Of course, that’s in addition to some of the most drop-dead gorgeous views in the city.

The community does its best to stay up-to-date with upscale and urban chic amenities, including a saltwater pool. There’s also a four-acre park nearby, as well as garden cafés.

3. Victor Heights

Source: Rent./Victor Heights
  • Average 2-BR rent: $2,507
  • Rent change since 2021: +11.42 percent

Another hidden gem that’s one of the most affordable neighborhoods in Los Angeles is Victor Heights, located southeast of Echo Park. The neighborhood is on a sloping hill with a fantastic view of the L.A. skyline.

Victor Heights is a diverse neighborhood with European, Asian and Latino immigrants. Millennials, young professionals and hipsters have taken to the area in recent years, giving it a quirky mix of style and culture.

Speaking of quirky, it’s not unusual to find wild peafowl and feral parrots wandering Victor Heights, adding a tropical twist to the inner city.

2. Greater Valley Glen

Source: Rent./Cedar Glen
  • Average 2-BR rent: $2,507
  • Rent change since 2021: +8.41 percent

Greater Valley Glen is a modest, suburban community with an urban twist. It’s a lovely neighborhood for families with most public schools earning higher than average and even excellent ratings from parents.

Long-time residents say they’ve seen a lot of positive outcomes since the neighborhood changed its name from Van Nuys to Valley Glen. Positive changes include better school ratings, cleaner parks with new equipment and well-maintained homes and businesses.

The sense of community is very strong in Valley Glen, and the neighborhood association sets up social events like movie nights, concerts and barbecues. They also host community clean-up gatherings, as well.

1. Crenshaw

Source: Rent./Residence at Woodlake
  • Average 2-BR rent: $2,252
  • Rent change since 2021: +1.27 percent

Beautiful, trendy and calm are words often used to describe the Crenshaw neighborhood, the cheapest neighborhood in Los Angeles. The average commute into the city is around 35 minutes. Over 80 percent of residents are renters, so you’ll have plenty of options to choose from when searching for an apartment for rent in Crenshaw.

Residents say the neighborhood is quiet because it consists of single people and couples, and not many kids live in the area.

The walkability, bike and transit scores all hover around the 54 mark, meaning that most residents need a car to get around.

The most expensive neighborhood in Los Angeles

If you want to look for an apartment for rent in the most expensive neighborhood in Los Angeles, look no further than Gallery Row, where an apartment averages $6,661 per month. Prices are going up in the area, too. The neighborhood experienced a 10.48 percent increase in rental costs in the past year.

The Gallery Row neighborhood is an art and cultural district in Downtown L.A. You’ll find over 50 museums and art galleries in the community, as well as numerous bars and trendy restaurants.

Interestingly, this community borders Skid Row, a neighborhood with dilapidated streets and rundown buildings. The Gallery Row neighborhood shows what people can achieve when they work together to create urban growth and cultural revitalization.

Find an affordable neighborhood for your next apartment

Did any of the cheapest neighborhoods in Los Angeles sound like a good fit for your budget and personality? If so, it’s now time to take the next step. Check our listings for apartments for rent in Los Angeles that fit all your needs!

Rent prices are based on a rolling weighted average from Rent.’s multifamily rental property inventory as of January 2022. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets. The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

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When it comes to marketing your real estate business, video is king. Global statistics from 2023 show that people watch videos for an average of 100 minutes a day, with millennials — the largest share of home buyers in the U.S. — spending 10 to 20 hours a week watching videos. 

From short Instagram reels to long videos on YouTube, video is here to stay. Here are 13 video marketing best practices for your real estate business.

1. Understand your audience

Your video marketing strategy starts with your audience. 

You wouldn’t show the same scary movie to a 5-year-old as you would a 25-year-old. Videos for your real estate business are no different. 

Watch videos on YouTube aimed at luxury home buyers and compare it with ones tailored to first-time home buyers. Chances are good the script, the angles and the highlighted features will be very different.

Ask yourself:

  • Who am I selling to?
  • What are their priorities?
  • What do they need to know?
  • How can I meet their needs?

Create your videos accordingly. 

2. Tell a story

It’s easy to click away from a boring video that rambles on and on without a point. To capture a viewer’s attention, you need to tell a story about the property you’re showing. The story might highlight the historical features of the home or explain how a starter home helped buyers build their lives together. 

Whatever it is, tell a tale that keeps them on your page. Just like an in-person walkthrough, viewers need to see themselves in the home to imagine how they will make it their own. 

3. Use better technology 

If you are marketing a home with expansive grounds, beautiful architectural details or gorgeous scenery, invest in a drone and learn how to use it properly. Drones capture details that regular photos cannot. They also reveal the scope of a large property and illustrate clearly where outbuildings and other landmarks lie in relation to the main house and the homes around it.

4. Add virtual walkthroughs

Record and post virtual walkthroughs for potential buyers. Your written listing is easier to visualize if it’s accompanied by a narrated walkthrough, especially if the viewer can move and turn in each room. Virtual tours can also highlight the exterior of the home, plus neighborhood features and amenities.

5. Spend time in production

There’s a time and a place for a quick Instagram reel, but in some cases, you’ll need a beautifully produced video. Invest in good video equipment and spend time editing your footage. If it’s in your budget, then hire a professional videographer or purchase quality editing software. 

6. Choose an appropriate length

Whether you’re posting drone tours, virtual walkthroughs or TikTok videos, size matters. In many cases, home buyers want to see short clips, not a 15-minute video. If each room in a listing deserves 15 minutes of fame, break it up into shorter clips. Aim for two-minute clips, especially on Instagram and TikTok. Try not to exceed five minutes.

7. Utilize SEO

Search engine optimization, which determines where a website appears on the search results page, is critical in the age of video. Most organic search results list the top three links as videos, and you want to be as close to the top of that list as possible. 

On YouTube, this means:

  • Adding keywords in the description of the video
  • Naming your video with keywords
  • Tagging topics relevant to your video
  • Customizing a thumbnail

Captioning videos on Instagram and TikTok is also helpful, as is using relevant hashtags in the optimized comment section of the video.

8. Optimize for mobile

Because 99% of homeowners begin their search online, your videos must be viewable on a variety of devices. This means optimizing for mobile. Optimizing for mobile streamlines the content so it isn’t cluttered or hard to navigate on a smaller screen. Optimized videos won’t have lags, skips or take forever to load either.

9. Don’t forget a call to action 

When a potential home buyer finishes watching your video, what do you want them to do? Most viewers wait for instructions, and if you don’t provide a call to action, they’ll keep scrolling. Consider directing viewers to contact information or asking a question and requesting answers in the comment section.

10. Share across platforms

Millennials loves YouTube, and Gen Z scrolls TikTok, but both are potential homeowners you want to reach. Market to different generations by sharing videos across platforms, where possible. For example, the same company owns Facebook and Instagram, meaning one simple click posts in both places. 

You might need to tweak the description or add tags for different platforms, but sharing across the big three — YouTube, Facebook and Instagram — casts a suitably wide net for potential clients. Don’t forget to share videos with your email list, too.

11. Engage with viewers

Good or bad, the comment section of any video can be illuminating, heartbreaking and infuriating. Don’t ignore it. Engage in a professional way with the people who reach out to you. Many home buyers want to see how a real estate agent handles conflict and roadblocks. Engagement builds relationships and trust — exactly what you need to build your business.

12. Analyze and improve

Don’t post a video, answer a few comments and walk away. Use simple analytics tools to determine how your video is performing in reach, views and conversions. 

Specifically look at:

  • How many people have seen the video
  • How many people have clicked links or visited your profile
  • How many people have contacted you via direct message or email

If your numbers are low, your description or tags may need work. You won’t know until you look carefully at what’s working and what needs to change.

13. Keep posting

If the first video doesn’t get a lot of traction, keep going. There is a lot of noise on the internet, and it can take time to build a following. Just like it takes multiple home showings to find the right buyer, it can take a series of videos before potential clients reach out. Keep posting high-quality videos, and your efforts will pay off.

Source: housingwire.com

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Located in the heart of the South, Mississippi is well known for its southern hospitality, serene Gulf Coast, blues and bluegrass music scenes, and warm climate. If you’ve been considering moving to Mississippi or are hoping to relocate to a new city, you also probably have a budget you’d like to stay under as you look for a place to live. When it comes to buying a home in Mississippi the median home sale price is $263,400. 

If that price is out of your budget, don’t worry. We’ve got options to help you find a home. Redfin has rounded up a list of 6 of the most affordable places to live in Mississippi – and they all have a median home sale price under $263,400. From Jackson to Tupelo, let’s jump in and see what cities are on the list.

#1: Meridian

Median home price: $32,500 
Average sale price per square foot: $21 
Average rent for a 1-bedroom apartment: $750 
Median household income: $31,198 
Nearest major metro: Jackson (90 miles)
Meridian, MS homes for sale
Meridian, MS apartments for rent

With a median home sale price of $32,500, Meridian claims the first spot on our list of affordable places to live in Mississippi. There are about 35,100 residents living in this mid-sized city. In Meridian, you can explore the 3,3000-acre Bonita Lakes Park where you’ll find three lakes and options to fish, horseback ride, or hike, visit the Dentzel Antique Carousel at Highland Park, or check out downtown.

#2: Jackson

Median home price: $135,000 
Average sale price per square foot: $80 
Average rent for a 1-bedroom apartment: $1,445 
Median household income: $39,969 
Jackson, MS homes for sale
Jackson, MS apartments for rent

Taking the second spot on our list of affordable cities to live in Mississippi is Jackson. When living in this city of 153,700 people, you can visit the historic Mississippi State Capitol and explore the Mynelle Gardens Arboretum & Botanical Center. There are plenty of museums to check out so make sure to see the exhibits at Mississippi Civil Rights Museum, Mississippi Museum of Art, and the Eudora Welty House and Garden.

#3: Greenville

Median home price: $150,000 
Average sale price per square foot: $93 
Average rent for a 1-bedroom apartment: $715 
Median household income: $32,066 
Nearest major metro: Memphis, TN (110 miles)
Greenville, MS homes for sale
Greenville, MS apartments for rent

Next is the city of Greenville, which has about 29,700 residents. The median home sale price is $150,000 which is about $110K less than the median home sale price in Mississippi. If you find yourself moving here, explore the Greenville Cypress Preserve Trust or grab a meal at one of the local restaurants.

#4: Tupelo

Median home price: $181,000 
Average sale price per square foot: $144 
Average rent for a 1-bedroom apartment: $995 
Median household income: $39,969 
Nearest major metro: Memphis, TN (100 miles)
Tupelo, MS homes for sale
Tupelo, MS apartments for rent

Only slightly more expensive than Greenville is none other than Tupelo, most well known as the birthplace of Elvis Presley. With roughly 37,900 residents in Tupelo, make sure to visit historic sites like the Elvis Presley Birthplace and Tupelo National Battlefield, check out the Tupelo Buffalo Park & Zoo, and explore downtown Tupelo’s Main Street.

#5: Horn Lake

Median home price: $217,500 
Average sale price per square foot: $150 
Average rent for a 1-bedroom apartment: $1,334 
Median household income: $39,969 
Nearest major metro: Memphis, TN (18 miles)
Horn Lake, MS homes for sale
Horn Lake, MS apartments for rent

Another great area to add to your list of affordable places to live in Mississippi is Horn Lake. Home to 26,700 residents, this affordable town can be a great option to add to your list. In Horn Lake, you can check out one of the beautiful parks in town or grab a meal at a local restaurant.

#6: Pearl

Median home price: $228,500 
Average sale price per square foot: $149 
Average rent for a 1-bedroom apartment: $807
Median household income: $54,615 
Nearest major metro: Jackson (5 miles)
Pearl, MS homes for sale
Pearl, MS apartments for rent

Sixth on the list is another well-known city, Pearl, the last of our affordable places to live in Mississippi. The median home sale price is about $30K less than the state’s average. With roughly 27,100 people calling Pearl home, it’s a great area to consider moving to this year. Make sure to watch a baseball game at Trustmark Park, check out the shops and restaurants in town, or golf at one of the courses. No matter what neighborhood you move to in Pearl, you won’t get tired of exploring this city.

Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in Mississippi. Median home sale price and median sale price per square foot from the Redfin Data Center during August 2023. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.

Source: redfin.com

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While it might sound like following in the footsteps of hedge funds, or taking advice from Warren Buffett, who recently said he’d invest in single-family homes, the motivation behind the Facebook founder’s latest move seems to be for entirely different reasons.

Mark Zuckerberg reportedly purchased four multi-million properties that are adjacent to his Palo Alto residence, which he acquired for around $7 million two years ago, according to the San Jose Mercury News.

He apparently began scooping up the nearby properties in December after hearing that a real estate developer wanted to purchase one of the homes and market it as being close to Zuckerberg.

Why anyone would want to buy a home simply to be close to the Facebook founder is beyond me, but that’s the story at the moment, which comes from an unnamed source familiar with the situation.

After the purchase late last year, three more homes were registered in names of entities associated with a company that handles Zuckerberg’s finances, Iconiq Capital, including one house next door and another two behind his home.

In total, more than $30 million was spent on the four properties, with one going for a reported $14 million plus for a relatively small 2,600 square-foot dwelling.

So it looks as if he paid well more than what they are currently worth just to get the deal done.

[Five Reasons Housing Inventory Will Begin to Rise]

Zuckerberg the Landlord

The even stranger part about this whole story is that he then leased them out to the original owners. So Zuckerberg is effectively a landlord.

The big question remains as to why he purchased the homes, assuming the story about the developer doesn’t satisfy your curiosity.

I don’t really buy it personally, though it was suggested that he either wants to maintain the feel of the neighborhood, and/or have some control over who lives nearby, which also brings the notion of security into play. Privacy irony anyone?

Others speculate that he could eventually build some mega-compound, though that too seems unlikely considering he’s a rather modest guy for a billionaire.

The only thing that’s clear is the nearby neighbors experienced a windfall, seeing that they were convinced to go from homeowners to renters in an affluent section of Palo Alto, California.

Time will tell what Zuckerberg’s intentions are, assuming there’s a greater purpose behind the transactions.

In the meantime, I wonder if he’ll be taking out any mortgages on the new homes. In case you missed it, he opted for an adjustable-rate mortgage on his original home.

It came with an initial rate of 1.75%, which he later refinanced to another ARM set at 1.05%, attached to the LIBOR index with a margin of 0.8%.

Once his rate rises, he’ll probably just pay off the entire loan, a luxury not everyone that chooses an ARM has unfortunately.

Read more: Should I get a fixed rate mortgage or an ARM?

(photo: Jason McELweenie)

Source: thetruthaboutmortgage.com

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California is known for its varied, lush landscapes, rich history, and high quality of life. It has 16 climate zones, ranging from dry desert basins and coastal hills, to snowy peaks and ancient forests. There’s a climate for everyone in California, which has made it a very appealing place to live. 

Weather patterns generally range from mild and wet in coastal metros like San Francisco, to more dry and extreme in southern and mountainous cities like Palm Springs and Truckee. However, weather can often turn into natural disasters like flooding, heat waves, and wildfires. When these happen, it’s essential to be prepared. So what are the most common natural disasters in California, how are they changing, and what can you do to prepare? Whether you’re planning a move to San Diego or are looking at apartments in San Jose, read on for everything you need to know.

1. California wildfires

Wildfires are the major disaster in California and have catastrophic impacts. They are by far the most common and destructive type of disaster in the state, and most years, California leads the nation in wildfires and acres burned. Most recently, the August Complex and Dixie Fires burned nearly 2 million acres.These fires cost hundreds of millions of dollars to fight, and created dangerous air quality across the Western US. 

California is also unique in how frequently fires affect people’s homes. From 2000-2019, over 70% of people living within the perimeter of wildfires in the US lived in California. Additionally, according to data from First Street Foundation, 71% (8.15 million) of properties in the state are at risk of being affected by wildfires.

The state’s dry season from spring through late autumn, combined with parched forests throughout the state, sets the stage for devastating fires that can spread incredibly quickly. Prolonged drought, heat waves, and windy weather are the primary causes of wildfires, which are becoming increasingly common as climate change progresses. Aging electrical infrastructure also plays a role. 

Wildfires can also devastate landscapes and hillsides, making them more susceptible to flooding, landslides, and mudslides.

How to prepare for wildfires in California

If you’re planning on moving to California or already live in the Golden State, preparing for wildfires is essential. Here are key tips to help: 

  • Create a defensible space around your property by removing flammable materials and trimming or removing dry vegetation.
  • Develop an emergency plan that includes evacuation routes and a communication strategy.
  • Install interior and exterior sprinkler systems, if you have access to enough water.
  • Install a generator to keep the power running in case of power outages. 
  • Stay updated on fire weather forecasts and follow all fire restrictions. 
  • Prepare for poor air quality by purchasing an air purifier and installing HEPA air filters on air conditioning units.
  • Assemble an emergency kit with essentials and valuable documents.
  • Ensure your insurance adequately covers fire damage, or, if the rising premiums are too high, understand the risks of going uninsured. Unfortunately, due to more frequent disasters, high interest rates, and a desire for less regulation, many insurance companies are no longer offering insurance to homeowners in California. 
  • Collaborate with your community to prevent fires. This is the most successful way to mitigate fire risk in your neighborhood.

2. California drought

Drought has been a severe issue in California for decades. From 2011 to 2022, the issue was extremely acute as reservoirs were drying up, prompting many water conservation regulations. California is one of many Southwestern states dealing with a megadrought that has plagued the region since 1990, primarily due to rising average temperatures and significantly reduced rainfall. 

However, because of record snowfall and a wet spring in 2023, most of California is no longer experiencing a drought. That said, this will likely be short-lived due to climate change, chronic groundwater overuse, and a declining Colorado River. 

Droughts differ from other natural disasters because they are often long-term events, rather than flooding or snowstorms that will generally pass in a day to a few weeks. However, the effects can be dramatic and significantly alter daily life. For example, some towns in the San Joaquin Valley have no access to fresh water and must rely on private companies and bottled water. 

Droughts can also increase the frequency and severity of other disasters, such as forest fires, dust storms, and heat waves.

How to prepare for drought in California

Because drought has already existed in California for decades, it’s important to adapt your lifestyle to accommodate lower water use and prepare for future restrictions. For example: 

3. California flooding 

California is known for its pleasant weather, but it’s actually very prone to flooding. In fact, from 1950-2017, floods prompted the second most disaster declarations, after wildfires. Floods have also affected people; 23% of properties in California have a chance of being severely damaged by flooding in the next 30 years.

A large portion of California is susceptible to flooding because much of it lies in an old lakebed and subsequent drainage areas. For example, a large portion of the Central Valley lies in an ancient lakebed that helped drain the Sierra Nevadas. Due to urbanization, dams, and agriculture, the lake was slowly drained and parts of it remain as dangerous floodplains during wet years.

In California, flooding is generally caused by dramatic rainfall, dam failures, snowmelt, and high tides. Most recently, from October 2022 to March 2023, California was battered by 31 atmospheric rivers, bringing record rainfall and snowpack to the state. While this dramatically improved the state’s drought outlook, it caused flooding and widespread damage. Flooding continued into the spring as the massive snowpack began to melt. 

Climate change is causing precipitation in California to fall more irregularly but intensely, leading to more flooding. 

How to prepare for flooding in California

Flood risks are different throughout the state, and preparation varies depending on where you live. For example, San Francisco and Sacramento are more susceptible to riverine flooding and levee failure, while Los Angeles is prone to flash flooding. Regardless, here are a few tips to help you prepare for floods:

  • Review the flood risk map for your area to see your potential risks.
  • Consider flood insurance if you’re in a high-risk zone. 
  • Keep emergency supplies on hand, including non-perishable food, water, medications, and important documents. 
  • Elevate valuable items in flood-prone areas of your home, and install sandbags or barriers if necessary.
  • Stay tuned to weather forecasts and alerts, and have a communication plan with your family. 

4. California landslides and mudslides

Landslides pose a significant risk to homeowners in California. They are a particularly bad natural disaster in regions with steep terrain, on the coast, and areas that have been affected by wildfires. Factors such as heavy rainfall, earthquakes, rapid snowmelt, and even construction or excavation can trigger landslides. Mudslides are similar to landslides and can develop in tandem or on their own after heavy rainfall or snowmelt. Importantly, mudslides are generally caused by weather events, as opposed to landslides which can be caused by naturally shifting rock.

Many areas of Southern California are at a higher risk of landslides and mudslides due to more severe fires followed by heavier rains. And as the fire season gets longer and the rainy season gets shorter but more intense, this is expected to worsen. Small landslides will now likely occur throughout the state every year, while major landslides are expected every 10-13 years. 

How to prepare for mudslides in California 

The most important part of preparing for a landslide is thinking ahead and familiarizing yourself with the landscape. Importantly, don’t build a home or structure near steep slopes, close to mountain edges, or along natural erosion valleys. This helps you minimize your risk without retrofitting or additional procedures. Here are some additional tips to help: 

  • Consult a professional for retrofitting, such as flexible pipe fittings.
  • Plant ground cover on slopes, and build retaining walls around your property. 
  • Build channels or deflection walls to direct mudflow around your home. However, if you build walls that direct flow into a neighbor’s property, you may be liable for damages. 
  • Consider purchasing additional insurance coverage, as standard homeowners insurance policies generally don’t cover damage from landslides or mudslides. If the landslide was the result of an earthquake or flooding, earthquake insurance or flood insurance may cover it. 
  • Stay alert during periods of heavy rain or seismic activity and follow any warnings from local authorities.
  • Recognize warning signs, such as new or widening cracks in your home’s structure, bulging ground, or unusual sounds.

5. California snowstorms and blizzards

Winter storms and blizzards are significant concerns in California, especially in the Sierra Nevadas. Recently, in February and March 2023, a string of storms brought many feet of snow to a majority of the state, prompting blizzard warnings throughout the state, including San Diego and Los Angeles counties. However, even though the storms were destructive, they helped increase the state’s snowpack to a record high. 

In California, snowstorms often come from atmospheric rivers hitting the tall Sierra Nevada mountains. Sometimes, storms can also affect the San Gabriel and San Bernardino mountains. These can bring many feet of snow over the course of a few hours to days, leading to road closures, power outages, downed trees, stranded travelers, and limited access to emergency services. 

Snowstorms can also turn into blizzards, which means that there are high sustained winds and low visibility (below ¼ of a mile for at least three hours). 

How to prepare for snowstorms and blizzards in California

Preparing for severe winter weather events is crucial to ensuring your safety and minimizing impact on your home and family. Here are a few tips to help you prepare for winter:

  • The first thing you should do is winterize your home by inspecting your roof, clearing gutters, cleaning your chimney, insulating your attic, checking your heating system, and insulating your pipes.
  • Update your emergency kit to include extra warmth. 
  • Keep a supply of firewood or alternative heating sources in case the power goes out. 
  • Equip your vehicle with chains, extra blankets, a shovel, and emergency supplies. 
  • Stay updated on weather forecasts and make sure you have a reliable method of communication.

6. California earthquakes

Earthquakes are a major risk in California. The state is home to over 15,700 fault lines, and many regions experience dozens of tiny earthquakes every day. If you move to the state, you’ll likely live within 30 miles of an active fault zone. Additionally, many Californians are anxiously awaiting the next “Big One,” which is predicted to occur along the southern section of the San Andreas Fault and would likely be devastating. 

There have been 16 notable earthquakes since 2010, with the most recent being the Ferndale quake in 2022. The California State Government offers an interactive map that shows all fault lines in the state, along with cities at risk. If you’re planning on moving to California and want to avoid areas at risk of shaking, use this map to help. 

How to prepare for earthquakes in California

Earthquakes are irregular but destructive and can cause significant damage to structures, utilities, and water systems. Main shocks can last for minutes, while aftershocks can last for years. They can also strike suddenly, at any time, with only seconds of warning, so preparing your home is critical. Here are a few tips to help: 

  • Purchase earthquake insurance to cover some losses in the event of a quake. This is a separate policy that you purchase in addition to regular homeowners’ insurance. It’s also available to renters.
  • Download the MyShake App and make sure you have a durable, charged communication device in case of an emergency. 
  • If you rent, ask your landlord about the building’s seismic history. 
  • Practice drop, cover, and hold on, so you are ready when a quake hits. 
  • Keep your emergency kit stocked, updated, and accessible. 
  • Anchor heavy items to the wall, strap down expensive electronics, and secure small valuables. 
  • Brace your water heater according to state law
  • Ensure your gas lines have flexible connections.
  • If you live in a house built before 1980, it will likely need to be retrofitted. Don’t do this yourself; hire a seismic retrofitting professional. 
  • If you live near the coast, you should also prepare for a possible tsunami following an earthquake. Understand your evacuation routes and be on the watch for official warnings.

Final thoughts on natural disasters in California

California’s climate is known as the land of extremes. Winter storms, summer heat, earthquakes, landslides, drought, wind, and more make it a varied and unpredictable place to live. While it has historically been one of the top migration destinations, recently, it’s a state many people are moving out of (partly due to the high cost of living in coastal cities). Because of this, the state’s population has declined by over 1.5% since 2020.

If you’re considering moving to California or already call the Golden State home, make sure you’re prepared for natural disasters and long-term weather events. Understanding your risks and adequately preparing are helpful to make the most out of living in California. The National Weather Service also offers an experimental map that shows all forecasted risks for the upcoming seven days. 

Lastly, many natural disasters are worsened by climate change. So no matter how you prepare, reducing your carbon footprint and fighting for systemic change are the best long-term solutions. 

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or disaster prevention professional. Always seek expert advice and follow all official guidance before, during, and after a disaster.

Source: redfin.com

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A lot rides on a home appraisal, whether you’re trying to sell a house, refinance your mortgage or tap into your home equity.

An appraisal may come in lower than you expected because property values dropped or because you’ve overestimated your home’s market value. But the appraisal process isn’t foolproof, and there are options if you think the appraiser got it wrong, or you suspect that you’ve been subject to appraisal discrimination.

Here’s what to do if your home appraises for less than you think it should.

Understand how an appraisal affects home equity

A home appraisal is a licensed appraiser’s opinion of home value, based on research, analysis and professional judgment. Lenders require an appraisal for most kinds of home loans because the property serves as collateral for the loan — they don’t want to lend more than the property is worth. Lenders plug the appraised value into a formula called the loan-to-value ratio (LTV) — the loan balance divided by the home value. A combined LTV includes the balance of the mortgage plus the amount of a home equity loan or line of credit. The ratio affects the amount you can extract in home equity and whether you can refinance.

Here’s an example of how the appraised value would affect borrowing from your home equity. Say, for instance, a lender’s maximum combined LTV is 85%. You’d like to borrow $100,000 through a home equity loan and currently owe $200,000 on your mortgage.

If your home appraised for $375,000, your combined loan-to-value ratio (300,000 divided by 375,000) would be 80%, and you might qualify. But if the home appraised for $325,000, the LTV (300,000 divided by 325,000) would be 92%, too high to meet the lender’s requirement.

Check the appraisal report for accuracy

The lender is required to send a free copy of the appraisal report to the loan applicant at least three days before the loan closes. So you’ll get one if you’re refinancing or applying for a home equity loan. But in a home sale, the buyer will receive it as part of the mortgage process. If you’re the seller, work with your real estate agent to get a copy of the report from the buyer.

The appraisal report documents a slew of property details that the appraiser considered in the valuation. Even the best appraisers can make mistakes, so scour the report to make sure all the particulars are correct, such as:

  • Number of bedrooms and bathrooms.

  • Square footage.

  • Amenities, including fireplaces, patios and pools.

  • Garage type and condition.

  • Condition of roof, furnace or other major systems listed on the report.

  • Additional features, such as energy-efficient systems.

Evaluate the ‘comps’

To help determine home value, appraisers consider prices of comparable homes that were recently sold in the area, known as real estate comps.

Check which homes were used. Were they truly comparable? How nearby are the homes, and how recently were they sold?

You may want to ask a friendly real estate agent familiar with your neighborhood — or your agent, if you’re working with one — for a list of recent comparable sales.

🤓Nerdy Tip

Understand that appraisals are different from online home value estimates. The appraisal isn’t wrong just because it’s lower than the ballpark figure you saw online. Home appraisals take more details into account than home-search algorithms can, so use online estimates as guidelines only.

Submit a ‘Reconsideration of Value’

Promptly document any mistakes or missing information from the appraisal report, as well as any additional information about comparable sales that you think should be considered. If you’re the loan applicant, then submit that written information as part of a “reconsideration of value” to your lender.

If you’re the home seller, ask your real estate agent to communicate those issues to the buyer and ask the buyer to submit the information to their lender.

Although the loan applicant ultimately pays for the appraisal, the appraiser actually works for the lender. So any feedback about the appraisal should go to the lender, not the appraiser.

The lender will pass along the information to the appraiser. The information you provide could prompt the appraiser to revise the valuation, but only if the additional details are relevant and significant enough to move the needle.

A loan applicant could also ask for a second appraisal or start over with a different lender. But appraisals typically cost at least a few hundred dollars, and there’s no guarantee the next appraisal will come in higher.

File a complaint if you suspect discrimination

Under the U.S. Fair Housing Act of 1968, home appraisers aren’t allowed to discriminate based on someone’s race, color, religion, sex, disability, family status or national origin. Yet many media reports in recent years have highlighted instances in which properties appraised for more when Black homeowners hid evidence of their race. Although the stories were new, the concept of “white-washing” a home to get a fair value has a long and painful history in the Black community.

Another option is to file a fair housing complaint. You can do that directly with the Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity or get help through your local fair housing center. Funded through HUD’s Fair Housing Initiatives Program, fair housing centers do preliminary investigations and help people navigate the complaint process. You can find a fair housing organization near you on the HUD website.

Refinance programs that don’t require appraisals

If you have a mortgage backed by the Federal Housing Administration or the Department of Veterans Affairs, you may be able to refinance without getting an appraisal. These programs, however, don’t let you cash out any of your home equity:

Source: nerdwallet.com

Apache is functioning normally

Diverse communities inhabit many of Houston’s neighborhoods, adding to a rich cultural experience cherished by many. Because Houston is so large, location is vital. Therefore, finding the perfect place to live that meets your needs while giving you room in your pocketbook is essential.

What is the average rent in Houston?

The average rent for a two-bedroom apartment in Houston, TX, is $1,839 per month. However, many renters can acquire a comfortable two-bedroom apartment for much less than that.

The 10 most affordable neighborhoods in Houston

The key is choosing the right neighborhood that strikes a balance between budget and indulgence. Luckily, there are affordable neighborhoods in Houston that let you do just that! Many of these neighborhoods provide green spaces, easy access to the rest of the city, unique eateries and plenty of homes to choose from.

These are the 10 cheapest neighborhoods in Houston.

10. Northshore

Source: Rent./13029 Joliet St.
  • Average 2-BR rent: $876
  • Rent change since 2021: -0.46%

Northshore prides itself on large swaths of green spaces. This neighborhood is the ideal community for those wanting to be away from the hustle and bustle of the city while not being too far away. Retirees, nature-lovers and families with young children will enjoy Northshore’s local parks. Herman Brown Park is a popular relaxation spot with glistening ponds, lush greenery, walking trails, a playground and a picnic area. There are also softball, baseball and soccer fields for sports enthusiasts.

Nearby, Maxey Park unveils 13 acres where dogs can roam off-leash in designated areas. Maxey Park also has pet showers and drinking fountains for your furry friends. As one of the most affordable neighborhoods in Houston, Northshore is definitely worth considering.

9. Belfort Park

Source: Rent./5702 Lyndhurst Dr.
  • Average 2-BR rent: $848
  • Rent change since 2021: 0.00%

Belfort Park appears between South Park and Southeast Houston. Rows of affordable housing and apartments characterize this neighborhood, making it a perfect area for renters with young families. Several schools reside close by, including Mading Elementary School, Alcott Elementary School and Bastian Elementary School.

Another perk to living in Belfort Park is that it’s only a short drive away from William P. Hobby Airport, an international airport and the first in North America to achieve a five-star rating. Belfort Park is not only one of the cheapest places to live in Houston, but its residential community is a stone’s throw away from other major areas and attractions.

8. Hollister Manor

Source: Rent./8520 Pitner Rd.
  • Average 2-BR rent: $848
  • Rent change since 2021: +2.61%

Hollister Manor presents centrally-located apartment complexes in a decent-sized neighborhood. Pitner Pocket Park sits almost smack dab in the middle of this Houston neighborhood, offering a brief reprieve from the stresses of modern daily life. Not too far from Pitner Pocket Park are James W. Lee Park and Malibu Park.

To the south of Hollister Manor is Hollibrook Elementary School. School-aged children will enjoy the intermittent greenery where they can run and play after school and on the weekends. Adults will also appreciate a place to stretch their legs and get some exercise or have a picnic. In addition to being one of the cheapest neighborhoods in Houston, Hollister Manor is a unique area in which to raise a family.

7. OST-South Union

Source: Rent./7007 England St.
  • Average 2-BR rent: $848
  • Rent change since 2021: -0.54%

OST-South Union lies south of Downtown Houston, making it an attractive neighborhood choice. Prime attractions like the NRG Stadium, Houston Zoo, Japanese Garden and the Museum of Fine Arts – Houston are only a car ride away. In addition, the Texas Medical Center is just outside OST-South Union.

Various spots along Martin Luther King Boulevard in OST-South Union invite locals to delve into the city’s history and culture. The Shrine of The Black Madonna Cultural and Event Center hosts various vendors and events. OST-South Union is also an excellent location for those attending the University of Houston, which lies just outside its perimeter. OST-South Union is a culturally diverse area and one of the cheapest places to live in Houston.

6. South Park

Source: Rent./7339 Krueger Rd.
  • Average 2-BR rent: $848
  • Rent change since 2021: 0.00%

True to its name, South Park is a neighborhood on the south side of Houston. This quiet neighborhood features intermittent green spaces, businesses, salons and barbershops. F.M. Law Park features trails, a golf course and an indoor learning center. In addition, new attractions are also coming to South Park. In 2023, Southern Snow Park will make its debut in this Houston neighborhood. Southern Snow Park is an amusement park with a 3-D mountain where you can ski, snowboard and practice various runs, despite what the weather is really like outside.

With multiple roads running through and around South Park, the rest of Houston is easily accessible. The fact that this neighborhood is also one of the cheapest places to live in Houston definitely makes it worth looking into.

5. Spring Branch Central

Source: Rent./4014 Willow Springs Lane
  • Average 2-BR rent: $848
  • Rent change since 2021: -34.48%

Spring Branch Central is a residential neighborhood with neat amenities. Residents take advantage of facials, body treatments and massage therapy at Skinrosse Clinic Spa before heading right down the road to the Nomad Tavern for barbecue, drinks, live music and a game of pool. Spring Branch Central also boasts an award-winning coffee shop, with Buzz & Bites named in the HoustonPress as the “Best Coffee Shop in Spring Branch/Memorial in 2021.”

Eclectic shops like Indigo Moons sell popular items like crystals, stones, books, jewelry, sage and more. In addition to being one of the cheapest neighborhoods in Houston, Spring Branch Central is community-oriented, with senior living facilities and a well-known school for special needs children.

4. Westwood

Source: Rent./Valle Vista
  • Average 2-BR rent: $827
  • Rent change since 2021: N/A

Located to the southwest, Westwood is a residential subdivision. Its various restaurants include Nigerian-style cooking at Safari Restaurant, West African specialties at Afrikiko, Filipino classics at Filipiniana Restaurant, baked goods at Tierra Caliente and Southern-style seafood at Lotus Seafood. Westwood is also the location of X10 Archery, featuring consumer goods and a premier training academy where students learn from some of the most experienced instructors in the state of Texas.

Nearby, Altierus Career College offers healthcare and trade programs to prospective young students. For one of the cheapest neighborhoods in Houston, Westwood has a plethora of apartments, condominiums and townhomes to choose from.

3. Lawndale-Wayside

Source: Rent./Oaks at Wayside
  • Average 2-BR rent: $798
  • Rent change since 2021: -14.38%

Lawndale-Wayside sits in the southeast corner of the city. One of its distinguishing features is its historic green spaces. Gus Wortham Park Golf Course is over a century old and one of the most iconic sites in the neighborhood. In fact, it’s the oldest operating golf course in the Lone Star State.

Nearby, Mason Park comprises 104 acres around Brays Bayou, complete with a baseball field, soccer field, tennis courts and swimming pool. On the other side of town, Urban War Zone Paintball provides interactive paintball and laser tag games on an extensive range. The classic area of Lawndale-Wayside is also one of the cheapest neighborhoods in Houston.

2. Eastside

Source: Rent./Villas at Park Place
  • Average 2-BR rent: $781
  • Rent change since 2021: -15.54%

Eastside comprises multiple neighborhoods and is a growing residential area. Family-friendly sites like the Houston Botanic Garden are here, which accommodate a wide range of plants and ecosystems. The Houston Botanic Garden has opportunities for community members to volunteer, and it also displays site-specific installations contributed by Eastside artists. In addition, elementary schools abound on the Eastside, and the neighborhood’s affordability attracts couples with young children.

Right outside the boundaries of this Houston neighborhood is the international Port of Houston, which serves as a significant employer in the area. It’s easily accessed via the nearby highway, making for a short work commute. Adding to the Eastside’s attractiveness is the fact that it’s one of the most affordable neighborhoods in Houston.

1. Pecan Park

Source: Rent./6616 Linden St.
  • Average 2-BR rent: $776
  • Rent change since 2021: +2.11%

Pecan Park is a residential community perfect for young families and college students. Nearby schools and daycares benefit children while young college students have a short commute to classes at Houston Community College. Specialty bakeries like Panaderia Tierra Caliente and Nancy’s Cake Designs create a quaint atmosphere for many occasions.

Popular places to work out include nearby establishments like A’s Boxing and Fitness and FitnessFX. One of Pecan Park’s primary advantages is the ability to live comfortably while on a budget, and it’s known for being the cheapest neighborhood in Houston.

The most expensive neighborhood in Houston

Downtown Houston boasts business opportunities for professionals, elaborate exhibits and displays for artsy folk, global cuisine for foodies, luxurious outlets for shoppers and major live and sporting events for thrill-seeking fans. No matter your interests, there’s no shortage of things to do Downtown!

This neighborhood is currently the most expensive neighborhood in Houston, with the average two-bedroom rent at $5,005 and a 30.58 percent rent change since 2021.

Find an affordable neighborhood for your next Houston apartment

Rent. is here to simplify your apartment–hunting journey by helping you find apartments for rent in Houston. The cheapest neighborhoods in Houston mentioned in this article provide the perfect place to start looking.

We also cover the costs of living in Houston in our extensive blog section to make things easier for people looking to relocate to this booming city!

Rent prices are based on a rolling weighted average from Rent.‘s multifamily rental property inventory as of January 2022. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets. The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

Apache is functioning normally

According to iPropertyManagement, just over one-third of American households are rental units, such as apartments, townhomes and even single-family residences. That means that of the approximately 332 million people residing in the United States, over 110 million rent.

With that many would-be tenants searching for a new rental unit at any given time, criminals will be out there looking for vulnerable people they can con out of their hard-earned money. However, there are some tell-tale signs that someone is trying to scam you in your apartment search.

Here’s what you need to look for so you don’t fall victim to common rental scams.

1. Don’t fall for misleading advertisements

Landlords and property managers often reach a potential renter by posting advertisements about their available units in newspapers, magazines and on a listing website. That translates into an unthinkable number of rental listings highlighting what’s on the market at any given time, not to mention all vacation rental listings out there.

Or, at least, what’s supposedly available. Rental listing scams are rampant, so it’s imperative to know how to differentiate between a legitimate advertisement and one full of lies.

Don’t be fooled by beautiful pictures advertising an apartment that looks perfect before doing your due diligence on all property matches. When searching for the next place to call your own, keep these suggestions in mind to avoid common rental scams.

2. Review apartment rental listings carefully

When reading advertisements, pay attention to the way it’s written. Skip listings with misspelled words, improper abbreviations or incomplete information. Details are important, so be extra wary if an apartment ad has errors, blank spaces or confusing terms.

Those kinds of no-nos are a potential clue the person posting the ad is not advertising a real place for rent. Or, maybe they aren’t really a legitimate landlord.

3. Is a month’s rent too low?

Another common rental scam is creating an environment that’s too good. For example, is the monthly rent unexpectedly low for what’s being promised? If the average cost to live in your dream neighborhood is $2,000 a month for a one-bedroom, be wary of apartments being advertised in the same vicinity for far less.

Seeing is believing, so be sure to tour the rental property before signing a lease. That investment of time could go a long way to preventing rental fraud.

4. Cash is not king for a security deposit or first month’s rent

Run, don’t walk, from any supposed landlord requesting cash for any debt relating to renting a property, like an application fee or a security deposit. Giving cash means it will be difficult to prove the payment was actually made. Therefore, even if the would-be landlord offers to provide a written receipt, that paper means nothing if they request money and the transaction is a rental scam.

Other payment methods

Other tips when paying rent, the security deposit or the first month’s rent include:

  • Not wiring money. When you wire money, you run the risk of not having enough of a paper trail.
  • Using the actual payee’s name and phone number on payment apps like Venmo to ensure the money reaches a legitimate destination
  • Familiarizing yourself with staff personnel to gain reassurance you’re dealing with a legitimate landlord

The more information you have, the better you can protect yourself from the bad people out there trying to engage in rental scams.

5. Avoid landlords who will not meet in person

It’s said a picture is worth a thousand words, but sometimes, a photo is not always what it seems. Anyone can create and post breathtaking images, its amenities and the surrounding area in an online listing, hoping viewers will like what they see. Therefore, it’s imperative to meet the property manager, landlord or their authorized agent in person before signing on the dotted line.

And, of course, visit the apartment you’re interested in to ensure posted pictures of the abode match the place depicted in the photos. Walking through the rental properties that may become your home is the best way to decide if you like the place. You might feel a vibe you don’t like or realize the available storage space isn’t sufficient for your needs.

Don’t be satisfied with a virtual tour, because the apartment in the video may not be the one you actually rent. If you have to insist on a personal walk-through before renting, you might want to consider walking away instead. This is a sign it could be a rental scam.

Unusual circumstances

A different set of challenges arise when extenuating circumstances prevent a potential tenant from touring a property before renting. One example is if you live out of town and are unable to travel to a new city to visit the apartment prior to signing a lease and moving in. While it’s best to avoid that situation, there are steps to take to decrease the likelihood of falling for a fraudulent listing.

They include:

  • Asking a friend or relative to check the place out for you
  • Checking the property address online
  • Surfing Google Earth for additional details
  • Requesting the landlord provide references from prior tenants

6. Vet the landlord

Researching a supposed landlord before renting from them can go a long way to preventing fraud.

One way to do that is by checking the website of the county auditor or county recorder where the rental is. That should help you determine who owns the property you want to rent. Be extra careful if it’s difficult to decipher ownership because that could make it easier for someone to perpetrate a fraud.

Hit the internet

While perusing government websites about your would-be landlord, check the criminal courts, too. It could reveal a supposed landlord’s checkered past or their clean background.

Another good place to look online is the county’s municipal court, or wherever you file rental disputes. Does the property owner sue to evict many tenants? How often do they win those cases?

And yet another website to peruse is the Better Business Bureau in the city where the property is or where the landlord has their headquarters. Consumers should report both positive and negative interactions with the business community, so a quick check of their website could reveal whether the landlord or their rental company has ever perpetrated rental scams.

7. Read the lease. Really.

No matter how honest or direct a landlord or property manager might appear, don’t solely rely on a rental listing to decipher what an apartment and its community actually offer.

When you sign a lease, you’re entering into a contract obligating you to perform certain acts, like pay rent on time. The document also explains what the landlord is responsible for, like providing working heat.

If you don’t understand or agree with everything contained in a lease, voice your concerns to the landlord before signing it. It’s too late afterward.

Avoid inexplicable blank spaces on a lease

Don’t sign a lease that’s incomplete. Any missing but pertinent information, such as monthly cost, the rental term and details about who is financially responsible for utilities, are immediate red flags the contact isn’t legitimate.

Rental agreements should also be error-free

A lease agreement is a written contract between a landlord or property manager and a tenant. When a would-be tenant and landlord sign a rental agreement, they enter into a contract requiring certain acts of each of them.

For example, the tenant agrees to pay the rent according to the terms of the contract. The landlord promises to perform whatever the lease promises.

However, a lease pocked with typos, or missing or inaccurate information could be a sign the document is a fraud.

8. Avoid an immediate move-in request

A supposed landlord who insists a potential tenant move in immediately, before a personal walk-through of the place, does not sound legitimate. If nothing else, they sound desperate to rent their unit.

When you tour an apartment and meet the property manager or their representative, they’re meeting with you, too. Normally, an owner takes an interest in who lives in their units. Not taking the time to vet you, as well, should worry you.

Be concerned if they don’t demonstrate that level of concern for their property.

What to do if you’re a victim of rental scams

Unfortunately, despite best efforts not to fall victim to fraudsters, it still happens. If it does, you can fight back.

An initial response is to contact local law enforcement to report the crime. Provide as much information as you can when you contact local authorities to help them in their search for the fraudulent landlord.

Try canceling your method of payment of the security deposit or rent you paid in advance. If you paid cash, you’re out of luck. Using a traceable method, such as a check or credit card, gives you some some recourse to take them to small claims court.

If you wrote a check, contact your bank to determine if somehow, the check was not yet cashed. If it was, report the fraud to your bank. You can also try to stop the payment.

File all the complaints

Don’t forget to file a fraud report with the Federal Trade Commission. While the feds won’t resolve your individual complaint, they use submitted reports to investigate rental scams, unethical business practices and cases of fraud.

The Internet Crime Complaint Center, also known as the IC3, offers another tool for fighting rental fraud. Anyone who believes they’ve been a victim of an Internet crime may file a complaint through that website.

Enjoy a successful apartment search

Finding a great place to live that suits your lifestyle and is affordable is challenging enough, and the prospect of fraud makes it that much more difficult. Create a paper trail of payments for rent or deposits by paying by credit card or check, never by cash. Meet the landlord or their representative personally when you tour the premises and read the written rental agreement thoroughly before signing.

Then, sit back and enjoy your new surroundings.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or finance advice as they may deem it necessary.

Source: rent.com