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Area Renters Losing Their Minds

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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

Just like when using eBay, LAist recommends bidding on things when a) the price is low b) there are no other bidders. When you are a buyer (or in this case a renter), keep reminding yourself that you are a buyer. Only sellers want bidding wars, which is what you engage in when you bid against another buyer.We're not 100% sure, but we have a good guess that there are a LOT of properties out there in this huge town where you won't have to force the price up against someone else, and they won't be doing that to you.

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