RENTAL PARADISE CONVENIENCE ROOTS MANY IN APARTMENTS DESPITE WHEREWITHAL TO BUY HOUSE OR CONDO WHILE MORTGAGE RATES ARE LOWEST IN DECADES.Byline: Barbara Correa Staff Writer Not everyone in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, dreams of becoming a homeowner. Even with interest rates at record lows, there are residents out there who could buy but choose to rent. There are plenty of reasons for it, usually having to do with convenience. Bill McLeod, head of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. for the Metropolitan Transit Authority, is renting a one-bedroom apartment at the recently refurbished Holly Street Village Apartments in Old Pasadena because it will allow him to ride the subway to work downtown once the Metro Gold Line opens this summer. What he pays in annual rent wouldn't cover the down payment for a house anywhere near the station. ``I decided to rent mainly because I wanted to be right there where I could walk to the station,'' said McLeod, 54, who still owns a home in Oceanside and plans to return there when he retires. ``Going from a home to an apartment is a step down in the sense that you don't have as much room and you have a little more noise,'' he said. ``But you don't have to worry about maintenance; there's a pool; there's a gym. ... Almost every night I walk out and go to Colorado Boulevard Colorado Boulevard (or Colorado Street) is a major east-west street in Southern California, United States. It runs from Griffith Park in Los Angeles east through Glendale, the Eagle Rock section of Los Angeles, Pasadena, and Arcadia, ending in Monrovia. and go eat or shop or go to a movie.'' For Herb Grogin, renting means never having to mount a step stool to replace a light bulb. ``That's one of the main reasons why I didn't want to be an owner,'' said Grogin, who says that, at 77, home repairs and maintenance aren't something he wants to be involved in. For about $1,700 a month, he gets a Woodland Hills apartment with a view, a Jacuzzi in the bathroom, his own washer and dryer and a private garage connected to his unit. Grogin said he could afford to buy a condo but doesn't need the tax write-off and doesn't like the idea of dealing with a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. association. ``There's a small group who dictates what color your fence is going to be, etc.,'' he said. For a different reason, young families are moving to new apartment communities cropping up in the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. . They're renting a lifestyle they can't afford to buy. For example, $1,400 a month rents a two-bedroom town home in Homecoming at Eastvale, a planned community Noun 1. planned community - a residential district that is planned for a certain class of residents residential area, residential district, community - a district where people live; occupied primarily by private residences in Mira Loma that has its own cyber cafe, big-screen theater and clubhouse offering arts-and-crafts classes for kids. Before property taxes and mortgage insurance, ``$1,400 would be the payment on a $260,000 house at 5 percent fixed. With property taxes (and insurance), the house would be another $240 a month,'' said Paul Runkle, associate partner at the Temecula office of Hendricks & Partners, an apartments research firm. ``So maybe this person could afford a $220,000 home. But what would a $220,000 home in Norco look like? It isn't going to have concierge service and beautiful palm tree landscaping.'' Melissa Hawkins, single mother of a 6-year-old boy, was looking at town homes for sale near her workplace in Corona and got approved for a home loan, but she decided to continue renting. She moved to Homecoming on May 1. ``It's more expensive, but it will bring in a higher class of people. You won't get 20-year-old partyers. You'll get more families,'' Hawkins said. ``(The town homes) were nice, but they didn't offer the amenities - the theater, (and) they have a lending library lend·ing library n. A library from which books may be borrowed or rented for a minimal fee. Also called circulating library. Noun 1. and an adult pool room.'' Developers like Lewis Apartment Communities, the Upland company behind the Homecoming property, are rushing to accommodate renters willing to spend more than the $800 to $1,100 typical of the Southern California rental market. Lewis plans to open amenity-laden apartment communities in Rancho Cucamonga Rancho Cucamonga (răn`chō k  'kəmäng`gə), city (1990 pop. 101,409), San Bernardino co., S Calif. , Loma Linda Loma Linda may refer to:
All of these new developments boast pools and locations near retail shopping and metro lines or freeways. ``We'll have one- and two-bedroom apartments, so we're expecting mostly singles. But we'll get some single parents, too,'' said Steve Spurgeon, a spokesman for CityPlace. Mark Obrinsky, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at the National Multi-Housing Council, said high-end apartment communities are recasting re·cast tr.v. re·cast, re·cast·ing, re·casts 1. To mold again: recast a bell. 2. themselves as the new suburb; management at many of the developments refer to their floor plans as those for ``homes,'' not apartments. ``It's not going to replace homeownership,'' he said, ``but there is a demand.'' Barbara Correa, (818) 713-3634 barbara.correa(at)dailynews.com CAPTION(S): photo Photo: no caption (FOR RENT VACANCY sign, newspapers ads) |
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