Renting in Riverside CA (Long Beach, Pasadena: apartment, foreclosures, rentals)

[eyeluvlife]

I'm considering moving to Riverside city/surrounding area within the next 6 months and I'm trying to get a feel for the rental market . I have money saved, and I'll live with a roommate when I get there, but I want to get my own place asap. I live in Phx now, and it's very easy to get qualified for a nice, even luxury apartment. I suspect Riverside is more difficult than Phx, but much less difficult than LA to get approved for a comfy, clean, and affordable apt. I know it varies depending on the landlord and quality of the apt./neighborhood, but what's the standard requirements, such as time at current job, income x rent, credit history. Thanks in advance

Stephanie

[Dunbar42]

Most of the places in the inland empire are large, professionally managed complexes. Call one or two to get a feel for their requirements. As long as you don't have a bad credit score I can't see you having a problem though.

[bouncethelight]

Originally Posted by eyeluvlife

but much less difficult than LA to get approved

Honestly I don't think it's any different than in LA.

In a small town sometimes people rent without a credit check, etc., because everyone knows everyone. But Riverside is just as much the big city as Long Beach, or Pasadena, or any other area in LA County - so the same kinds of general rules apply.

[eyeluvlife]

Thanks for the advice. I lived in LA for 8 years and remember what a struggle it was to get approved for a mediocre (thats being nice) apt, due to not having enough credit. I'm thinking it's all about supply and demand, how many people want to live in the city and rent vs how many rentals are available. Riverside has had a ton of foreclosures, I'm wondering how many of those families are now renting, causing the supply to decrease? Anyone read any articles on this? Were most of the foreclosures investors or families? Did people stay put
or relocate?

[bouncethelight]

Originally Posted by eyeluvlife

I'm thinking it's all about supply and demand, how many people want to live in the city and rent vs how many rentals are available.

Supply and demand definitely affects the price of rent! But I don't think it affects the process of renting all that much. There aren't discernible differences in what is required, just because you're a little further from the coast.

Originally Posted by eyeluvlife

Riverside has had a ton of foreclosures, I'm wondering how many of those families are now renting, causing the supply to decrease? Anyone read any articles on this? Were most of the foreclosures investors or families? Did people stay put or relocate?

The foreclosures were mostly owner occupied homes - and after foreclosure many of those homes were bought by investors - so it's actually a good time to rent, since there are nicer homes available for rent now, than ever before.

As for the trends, at the beginning of the recession the rental market got very tight - as homeowners started to default on their homes and then move into rentals - so the average rent seemed to go up during that time period. But, in the past couple of years, it's loosened up again, and rent is a little more reasonable. But in the areas I'm interested in, it's not back to pre-2007 levels.

So I googled, to see if that is the case in all of Riverside County, and it appears it is, if you believe this graph... http://www.apartmentratings.com/rate...e-Pricing.html

Notice that rents were at their highest in 2007, and then dipped in 2010, and are now rising again. But they're still above the price they were in the early 2000's, before the recession.