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Renting in Malibu? Got A Spare $150,000?
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Photo by astacia5 via Flickr
We've heard before that the sinking housing market would actually serve to increase the rent on apartments in Los Angeles, and we've had a few lively discussions about proposals to undo rent control laws. But who knew the rate increases would be so drastic? Today's LA Times is reporting on the going rates for a four-bedroom, eight-bath (eight???) Malibu beach house: $150 grand. Per month.
Alright, granted this is Malibu we're talking about, where L.A's rich and rehabilitated flock every summer to flounce about in their fancy beach houses and sun on their private beaches. (But expect a crackdown on corporate-sponsored "party houses" this summer -- the neighbors are starting to complain.) But word has it that if you don't rent your Malibu beach house by mid-April, you'll be SOL by the time summer rolls around.
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Of...three Malibu summer beach listings, one listed at $100,000 a month already has been scarfed up, and she expects the remaining two -- the aforementioned listing at $135,000 a month and another at $80,000 a month -- to go shortly. A count of top agents' websites found at least 11 summer listings for $75,000 or more a month, and there are more that are discreetly held by agents, who don't post them on websites or the MLS.
But don't fret -- if you act fast, you can still secure a summer rental for the more reasonable price of $1,795 per month, the cheapest listing on this real estate website. But then again, maybe you'd like to splurge on one of those "stunning architectural four bedroom home[s]" for only $100k -- if you split the cost with 50 friends, that's practically a deal!
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