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Downtown LA vacancy rate hits 17-year high

Waves of new fancy apartments in Downtown LA have helped bring the neighborhood’s vacancy rate to its highest level in nearly two decades. It’s now 12 percent—the highest recorded by real estate data firm CoStar since 2000, KPPC reported today.

With so many available units, building owners are offering lavish perks, from six months of free rent to one year of free parking to try to lure tenants. The median price of a one-bedroom in DTLA is about $2,500 per month, according to rental website Zumper.

“The stuff that’s being built right now is really targeting the very top of the renter’s pool,” CoStar senior market analyst Steve Basham told KPCC. “The majority of the renters in L.A. are not going to be able to afford that.”

Read Full Article (via Curbed LA)

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