How to Search for And
Rent A Home In Los Angeles
The Los Angeles rental market is fragmented and scattered across many platforms. There is no one website, central hub, or database that holds a list or directory of all of the available properties for lease.
Leasing in LA entails a little more work with a few more mouse clicks versus actually purchasing a home. Below is a breakdown of all the available sites that hold the majority of the rental inventory and the different approaches to take with each one.
Broker Listed Rental Properties:
Properties listed for lease with an agent or brokerage fall in this category. If you have an agent helping you search, they will set up daily property alerts which arrive in your inbox every morning. From the list you are sent you must select the ones you want to see and notify your agent.
If you and I are working together, I will set up an account for you in our proprietary search system. You will receive daily property alerts, and will also be able to save properties in a collection, opt-out of the ones you don’t like, and add notes under each listing inside your account. We will also be able to share records and collaborate on property collections. Just click the star on the listing you want to see, and I receive the notification and will get to work.
You must complete two steps before you have access to the properties I send:
Step 1) Open the registration I email I send you and create an account.
Step 2) Download the compass app and login so you can take notes on each property as we go and tour. https://itunes.apple.com/us/app/compass-real-estate-homes/id692766504?mt=8
Non-Broker Listed Rental Properties:
Some homeowners and property management companies choose not to list their property or rental unit(s) with a realtor and prefer to list them or lease them as For Lease By Owner or For Lease By Manager. The majority of those individuals use the three below listed sites.
Documents Usually Required for Leasing:
1) Proof of Income which includes one or a combination of the following:
Two most recent paystubs
Most recent w2
Most recent tax return
Offer Letter or Employment Contract if relocating from a different city
If you are unable to provide the above-listed proofs of income, then the landlord may require 2- 6 months of recent bank statements showing you consistency in deposits
2) Identification (Driver’s license or Passport or State Issued ID)
3) Rental Application is mostly given to you by the owner or agent(s)
4) Your Credit Report which is usually pulled by the owner, listing agent or property management company.
If you have any questions or need help with anything else, please feel free to reach out.
If you are working with my team, I highly suggest you send the list of properties you find in the non-broker listed sites to me so they we can vet them on your behalf. There are Property Management companies that are notorious for not managing their tenants correctly or hiring inexperienced staff. Great agents see more than 10 or 20 homes a week and if you compound those numbers over a period of years the insight we hold will provide clients we work with tremendous value.
**PRO TIP **
I also included a list of recommended financial documents you should have ready before you start touring rental homes. You want to be prepared so when you find “the one” you can move quickly and receive an approval.