The Current Rental Market in South Pasadena

From time to time I am working together with families who are trying to buy a house in South Pasadena and can’t immediately find one. Due to the current lack of inventory and the highly competitive nature of our South Pasadena real estate buyer’s market – some of these families opt to rent in 91030 while waiting for the perfect home to become available for purchase.

Therefore, presented below is the current data on rentals in 91030 from the realtor’s multiple listing service (MLS). This is a snapshot from early February 2020.

Based on the data, below are a few key observations.

Currently, the average price of a rental in 91030 according to the MLS data is $3,487 per month. Most rental properties in South Pasadena require a minimum of a 1 year lease. In terms of total money required to move in the numbers look something like this for the “typical” rental at $3,487 per month: 

$40 for the application which includes a financial and criminal background check;

First month’s rent of $3,487 (some rentals may require pre-payment of both first and last month’s rent);
Security deposit of up to 2 month’s rent – $3,487 x 2 = $6,974;

Pet deposit (if they allow pets – many rental properties do not allow pets).

Therefore – a rental with a monthly rental price of $3,487 will actually require at least $10,501 to move in: $40 + $3,487 + $6,974 = $10,501.

Prices in the MLS for South Pasadena rentals currently range from $1,795 per month for a 1 bedroom, 1 bath apartment with a den to $5,500 per month for a 3 bedroom, 3 bath single family home in the hills with a large private lot.

The current average price per square foot across all the MLS rentals in 91030 is:

$2.52 per square foot.

This data is extracted from the multiple listing service. There are numerous options for renting directly from a landlord or a property management company. Generally the lowest prices on rentals are directly from landlords and can be found by driving around the area or on local classified websites like craigslist.

See below for the entire data set of current rentals in 91030 via the MLS.