A closer look: Rent moving toward lower rates
Westwood landlords forced to compete with UCLA off-campus housing
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.



