Area Renters Losing Their Minds
The Associated Press is speculating that would-be homeowners waiting for that market to cool are pushing up rents around LA by doing stupid-ass shit like using the Internet. By frequenting sites like BidRent.com, prospective renters are virtually screwing each other by overbidding on vacant apartments.
Property investor Rachel Morton recently listed a one-bedroom condo in the trendy Westwood neighborhood of Los Angeles for $1,750 a month. An auction on BidRent involving at least seven people drove the price to $1,800 -- $100 higher than the previous tenant was paying. "Although it was a minor increase, it was still an increase," said Morton. "It went fairly quickly. I was really surprised."
Harold Parton, another Los Angeles-based property investor, saw similar results. He listed a two-bedroom, 1 1/2 bath apartment in North Hollywood for the rock-bottom price of $600, although he was hoping for $1,100. The ad drew about eight bidders, who eventually kicked up the price to $1,130. - AP
Unless you want to keep paying over a grand for a 1BD in NoHo, quit ruining the market for the rest of us, or just buy a stupid house already.
photo by Digital Rhino via flickr