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Breaking: Rents in Silver Lake Are Way High
Photo by Joséphine Runneboom via the LAist Featured Photos pool on Flickr
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Has your instinct ever told you that rents in Silver Lake are possibly higher than those in surrounding neighborhoods?
Well, guess what? Your hunch is right. A survey done by real estate developer and broker Moses Kagan found that apartments for rent in Silver Lake are nearly twice as expensive as apartments of comparable size in Highland Park. To wit: A two-bedroom, one bath in Highland Park goes for about $1,100, as compared to about $2,195 in Silver Lake. One-bedrooms in Highland Park average $925, and studios average $800.
Kagan told us that the likely reason is that Silver Lake is -- regardless of the hipster stereotypes that plague it -- a great place to live.
"Silver Lake is a really amazing neighborhood," he said. "People really want to live there, particularly that prime rental demographic in their 20s and early 30s."
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He added that Silver Lake is "ten to 15 years further ahead on the gentrification cycle than Highland Park is," which, of course, also drives up rent.
But Kagan believes that there's wisdom in renting in Highland Park, for those who may be so inclined.
"Given the way L.A. rent control works, if you like Highland Park and you think it's gonna get better -- and incidentally I agree with you -- then it is a good idea to jump on a cheap place now," he said. "You'll find that if you stay there a for a couple of years," it will become a very good deal.
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