WestsideRentals.com

SANTA MONICA, CA — (Marketwire) — 07/29/09 — Tough economic times may be a boon to Southern California renters, according to a survey of rent prices for more than 50,000 properties.

Average monthly rents for Santa Monica Apartments fell 20 percent in June 2009 compared to one year ago, while rent prices across greater Southern California dropped 24 percent, based on a survey of listings at WestsideRentals.com , Southern California’s leading resource for rental properties. The listings for Los Angeles Apartments showed even worse decreases over the last 12 months.

"At a time when mortgages are difficult to obtain due to tighter lending standards and high home prices, renting remains an attractive housing alternative for Southern California residents," said Mark Verge, WestsideRentals.com owner. "While the real estate market is stabilizing, lower occupancy rates and new units coming on the market are creating bargains for renters in Santa Monica and throughout the Southland."

For example, Santa Monica-based landlord Doug Franklin, who owns seven rental properties in the city, has recently dropped the rent on a two-bedroom property from $2,395 to $1,830 per month. Similar rent decreases can be found in communities from Pasadena to Irvine to San Diego, based on WestsideRentals.com ’s extensive database of more than 50,000 listings throughout Southern California.

"In today’s market, rent prices fluctuate on a weekly or even daily basis," Verge said. "Landlords are staying proactive to offer competitive rent prices, and renters are finding real value for their money."

To help landlords gauge the rental market and find the most up-to-date information on rent levels in their areas, WestsideRentals.com offers a free price comparison tool. The feature makes it easy for landlords to establish pricing on an available unit at a level appropriate for their market.

About WestsideRentals.com

Based in Santa Monica, WestsideRentals.com is the definitive marketplace for connecting landlords and tenants in Southern California. Since 1996, WestsideRentals.com has helped more than 1 million renters search for housing and hundreds of thousands of landlords find responsible tenants to fill their vacancies. WestsideRentals.com offers live help, more than 15,000 property photos and more than 20,000 available rentals that can be updated in real time.

Contact:
Mark Verge
CEO
Email Contact
(310) 395-7368