Though Westwood apartment rates increased steadily in the 1990s,
there are some signs that a recent leveling off of prices could
continue in the coming year.
Al Roostaeian, who manages five buildings in Westwood and has
overseen property in the area since 1985, said he has stabilized or
decreased rents at many of his properties in the last two to three
years.
On average, Roostaeian has decreased rates 1 to 3 percent,
though he said some have gone from $1,800 to $1,600 per month, a
decrease of over 11 percent.
Recently constructed residential buildings in Westwood and near
campus may have contributed to a decline in demand for apartments,
Roostaeian said.
“It used to be “˜ask whatever you want,’ but
it’s not like that anymore,” he said in reference to
setting rent prices, adding that nearly all of his tenants are
students.
Supply and demand may not be the only determinants of a
tenant’s rent. Roostaeian said he wouldn’t raise a
“good” tenant’s bill, even when the economy was
favorable enough to warrant it.
Bryan Kelsey, who manages an apartment complex on Strathmore
Drive, agreed that demand for apartments has decreased in Westwood.
To fill vacancies, selected rates in his building may decrease
about 5 percent for the upcoming academic year.
Some students have yet to experience the benefits of this
apparent downturn in demand.
Lonnissa Nguyen, who graduated in December 2003, lived in
apartments on Tiverton and Ashton avenues from 2001 to 2003 before
moving south of Wilshire Boulevard last year. Everywhere she went,
she said, landlords increased rent each year.
Helena Rasin, a fourth-year microbiology, immunology and
molecular genetics student, lived in Westwood for three years
before moving to Santa Monica. She said her Westwood landlord
raised her rent by $150 on her one-bedroom apartment after one
year.
Though she has saved money by moving, she said high rent was not
why she left Westwood.
She said she feels less trapped in Santa Monica, and enjoys not
having to sign a nine-month or yearlong lease. She is required to
give one-month notice before vacating her apartment, so she does
not have to sublet her apartment to leave for the summer.
Though some building managers have continued to raise rents at a
steady pace, Frank Montana, assistant director of UCLA Housing
Services, said the decline of prices is likely to become more
widespread in Westwood in the near future.
Montana said UCLA’s recent efforts to increase the number
of off-campus rooms available to students will force landlords to
lower rates in the private sector.
Because UCLA off-campus housing is typically cheaper than
privately owned apartments, Westwood rates will decrease across the
board to stay competitive, he said.
Weyburn Terrace, located at the intersection of Weyburn and
Veteran avenues, will house 1,400 graduate students and is
scheduled to open this fall. This new facility could further
deflate rent rates.
“(UCLA) doesn’t want cost of living to be a reason
not to come to the school,” Montana said.
Regardless, Westwood remains an expensive area to live in
compared to nearby communities.
During the 2003-2004 academic year, the average cost of a
two-bedroom apartment in Westwood was $1,840 per month. Comparable
apartments went for $1,591 in West Los Angeles and $1,419 in
Palms.
Since 2001, neighboring communities have seen either increases
in average rental rates or fluctuations from year to year. During
this period, average rates in Westwood have decreased 7
percent.