Rentals in Burbank>Question Details

Fellowburban…, Renter in Burbank, CA

Why are single-family homes SO MUCH more expensive to rent than apartments in Burbank?

Asked by Fellowburbankian, Burbank, CA Mon Feb 28, 2011

There was a time when I could rent a 2 bedroom single-family home for maybe a $100-$200 more than the asking rental price of a 2 bedroom apartment. Not anymore! The price to rent a house can be $1000 more than renting an apartment now-a-days! How are people affording these home rentals? I grew up in Burbank, and it used to be affordable to me, but not anymore. Most people I know don't make that much money, and couldn't afford those prices. When you look at the average median income of Burbankians, I don't get how they can ask so much for rent. I've noticed rental prices have come down a little bit, when are the houses going to do the same? Thanks!

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Fellowburbanker,
It was probably to your advantage that you didn't buy during the run up in the housing market.

But, to address your reply, I understand your frustration. The fact of the matter is that there are a number of people who have lost their homes in short sales and foreclosures and are reluctant to go back to apartment living. It has made the rental market much more competitive. I have a number of renters that are looking for nice places. But they are not willing to pay what market prices are for those places. They too want something more affordable and closer to the apartment rental price.

Will it come down or at least close the gap some? Yes, but it will be a long while. Mortgage interest rates are slowly climbing. And as they climb it puts some people out of the market for purchasing a home. That means they will stay in the rental market.

Another reason Burbank is more competitive is the school system. I have seen a number of people go from La Crescenta area to the Burbank area because the schools are similar in quality but La Crescenta is slightly higher for housing. So, once again, it keeps the inventory in Burbank low and at a premium.

If you want, I can set up a filter on the MLS system to send you new rentals as soon as they come online. It might give you a day's notice more than others who are looking for that one nice affordable home. That is the best I can do at this time.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
0 votes Thank Flag Link Mon Feb 28, 2011
What would I rather have? I would rather have affordability. I would like to be able to afford to move. Right now I'm stuck, because I can't afford to move. I stayed home to take care of my children during the housing bubble, and now with both my husband and I working, I find I can no longer afford Burbank. My kids are settled and doing very well in school, so I feel it's important to stay here for the time being, but I wish that I could afford to rent a better place. That used to be possible.
0 votes Thank Flag Link Mon Feb 28, 2011
Fellowburbanker
What would you rather have??? Supply and demand
Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
0 votes Thank Flag Link Mon Feb 28, 2011
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