SOURCE: WestsideRentals.com

June 05, 2007 20:37 ET

/ CORRECTION - WestsideRentals.com

SANTA MONICA, CA--(Marketwire - June 5, 2007) - In the news release, "West Los Angeles Apartments and Rentals Rent Survey: West L.A. - North May 2007," issued Monday, June 04, 2007 by WestsideRentals.com, we are advised by the company that the first sentence of the second paragraph should read "For May 2007, the average listed rent price of all listed rentals in these areas was $2,483.80, representing a 3.3% increase over two months ago." rather than "For May 2007, the average listed rent price of all listed rentals in these areas was $4,612.22, representing a 91.8% increase over two months ago." Additionally, the fourth paragraph should read "The largest rent increases occurred in Beverly Hills, where the total increase was 34.3% and Cheviot Hills, where the total increase was 21.4%. Rent prices also increased in Santa Monica (Up 6.0%), Brentwood (Up 1.7%), and West LA (Up 1.5%)." rather than "The largest rent increases occurred in Santa Monica, where the total increase was 230.7% and Beverly Hills, where the total increase was 34.3%. Rent prices also increased in Cheviot Hills (Up 21.4%), Brentwood (Up 1.7%), and West LA (Up 1.5%)." as originally issued. The chart, attached to the press release as an image, has also been updated to reflect these changes. Complete corrected text follows.

West Los Angeles Apartments and Rentals Rent Survey: West L.A. - North May 2007

This Survey Report Contains Statistical and Sample Vacancy and Rental Housing Market Information for Los Angeles Rentals, Including Los Angeles Apartments, Los Angeles Condos, Los Angeles Guest Houses and Los Angeles Homes for Rent; Specific Areas Covered in This Survey Include Beverlywood, Brentwood, Cheviot Hills, Rancho Park, Santa Monica, West LA, Bel Air, Beverly Hills, Century City, and Westwood

SANTA MONICA, CA -- June 04, 2007 -- Since 1996 WestsideRentals.com has successfully connected hundreds of thousands of quality tenants with landlords and roommates. WestsideRentals.com is the definitive location for owners and managers of Los Angeles rentals to locate quality tenants searching for apartments in Los Angeles, condos in Los Angeles, houses for rent in Los Angeles, and guest houses for rent in Los Angeles. Initially started in Santa Monica, due to overwhelming demand from landlords in need of quality tenants to fill their vacancies, WestsideRentals.com has grown to cover most of Southern California. As a service to the rental community we regularly publish rent surveys to assist in making the rental market more transparent and efficient for all of its participants.

For May 2007, the average listed rent price of all listed rentals in these areas was $2,483.80, representing a 3.3% increase over two months ago. This was a general price increase across all rental types, with about 14% of listings in the West Los Angeles - North region being houses, duplexes, or triplexes, as opposed to apartments, condos, or townhouses. This ratio of houses to apartments was relatively unchanged over two months ago, when approximately 17% of listings in these areas were listed as houses, etc.

There was a shift toward more multi-bedroom houses and apartments listed for rent. Two months ago, approximately 49% of listings in the West Los Angeles - North region had two or more bedrooms. For May 2007, that percentage has increased to approximately 53%.

The largest rent increases occurred in Beverly Hills, where the total increase was 34.3% and Cheviot Hills, where the total increase was 21.4%. Rent prices also increased in Santa Monica (Up 6.0%), Brentwood (Up 1.7%), and West LA (Up 1.5%).

Rent prices decreased in Century City by 30.9% and Beverlywood by 16.6%. Rent prices were also down in Bel Air (Down 12.8%), and Westwood (Down 10.3%).

This data is based on the listings at WestsideRentals.com, which are based entirely on the information provided by landlords who choose to list their vacancies on the service. WestsideRentals.com believes that the search for housing is a very personalized process. The best way for an individual to get educated on current market trends is to see the market in action. Register today to receive Free Listings in your email.

Additional information from this rent survey, including high-resolution charts and detailed reports for each area in this region can be found at http://www.westsiderentals.com/rentsurvey.cfm?survey=42_070605_A. All current and historical WestsideRentals.com rent surveys can be found at http://www.westsiderentals.com/rentsurvey/archive.cfm

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