When looking for homes in Torrance with a similar budget, it becomes clear that older buildings offer significantly larger spaces. In fact, when comparing the average rent of new units alongside the citywide average, the difference is starkly evident in the numbers.

The overall average rent in Torrance is $2,527, which is a 1.37 percent increase from the previous year. In contrast, when looking specifically at units classified as new, the average rent is $3,414, nearly 35 percent higher than the citywide average. The average rents for new units by type are $1,676 for studios, $2,092 for one-bedroom, $2,674 for two-bedroom, and $3,249 for three-bedroom units.

This indicates that while new constructions come with the latest amenities and energy efficiency, it also suggests that the advantages of space and location that can be obtained with older buildings for the same budget are quite significant. In fact, there have been cases where a two-bedroom in an older building was found at a rent similar to that of a new one-bedroom.

New constructions tend to be advantageous in terms of maintenance costs. Thanks to modern insulation and smart home features, electricity and heating/cooling costs are generally lower than those of older buildings, and many come with a construction warranty of one to ten years. However, if it's a condo or townhouse, the presence of many community facilities can lead to higher HOA fees.

Older buildings particularly excel in neighborhoods like Torrance, where Korean families have settled for a long time. They offer established schools, commercial areas, and mature landscaping, along with relatively spacious units. However, it's important to consider the risk that as buildings age beyond 20 or 30 years, plumbing or roofing repairs may soon be needed.

Nationally, the rent gap between new and older buildings is reported to be around 10 to 20 percent, but the 35 percent gap in Torrance is notably larger. This reflects the local characteristic of having a limited supply of new constructions.

As mortgage rates remain high, more households may choose to rent rather than buy. In areas like Torrance, where the supply of new units is limited, this demand can also impact the rental market for older buildings.

Torrance is closer to the coast, resulting in milder temperatures compared to other inland areas of Southern California. This climate can slow the aging process of buildings, but salt corrosion from ocean breezes can affect the exteriors and windows of older buildings, making it worth checking when considering older properties.

When looking for school districts preferred by Korean families, it's advisable to refer to ratings from GreatSchools or Niche, but since school district boundaries often change, it's necessary to verify the assigned school for the specific address before signing a lease.

For families moving from other states, it's also important to consider the property tax structure. Under Proposition 13, the purchase price at the time of buying becomes the basis for property taxes, which can only increase by a maximum of 2 percent annually thereafter. Therefore, it's common for those who recently purchased new constructions to face a larger tax burden than long-time owners of older properties.

Families relocating from other states should also check the rent control regulations in Los Angeles County, where Torrance is located. The applicability of these regulations can vary based on the age of the building and the number of units, so it's wise to clarify this aspect beforehand, especially for older listings.

For families newly immigrating from Korea, it's worth noting that there can be a significant difference in rental prices between the coastal and inland areas of Torrance. Even for the same new construction, rental prices can vary by hundreds of dollars depending on the location.

Investors looking for rental income should weigh the high rental prices of new constructions against the lower purchase burdens of older buildings. It's difficult to definitively say that one option is better than the other, and it's safer to compare based on actual yield rates that include vacancy rates and maintenance costs.

This article is not investment or legal advice, and it is recommended to consult with professionals before making any agreements.