Breaking lease in DTLA - buyout or pay-til-filled? (Glendale, Burbank: apartment, leasing agent)

[pegrenter]

I need to break my lease on my downtown LA studio and can do a 2-month buyout or pay until it's filled. My lease is up in September. Anyone have an idea of the average vacancy time?

It's an upscale apartment building in a great downtown location. The building's website confirms what I was told that rates are actually going down a bit. (Identical unit on higher floor going for less than we paid in Sept.) The building has 5 other studios vacant right now. Safe to take the gamble on this one? I'm not moving out for a month but need to decide now. (They won't market it until I decide.) Any advice or past experience would be greatly appreciated!

[ryanms3030]

I just had to do the same thing. My place was re-rented about 1 week after it was listed. That was Glendale not Downtown so I don't know if the rental market is as hot. Same when I was looking for an apartment last year in Glendale/Burbank the first 5-6 places I saw that I liked were gone before I could even fill out an application

[pegrenter]

Thanks for the info! Definitely helpful. Unfortunately I'm in a situation where 1) I need to decide right now if I want to do the buyout or take the gamble and 2) if I do take the buyout, I still have to pay the full 2 months even if they (or I) find a renter, even if it's in the next month. Leaning toward taking the gamble - I asked our building's leasing agent the longest it's taken an apartment to fill in our building since she's been there, and she totally dodge the question, so I'm taking that as a sign it almost always takes less than 3 months. Still scary though. :/