Multifamily in the East Los Angeles submarket is generally smaller, older, and less luxurious compared to other parts of the Los Angeles metro. As a result, average rents in this market remain among the lowest in Los Angeles. However, in recent years, low vacancies translated into healthy rent growth. The combination of low vacancies, healthy rent growth, below-average prices, and proximity to Downtown attracts investors priced out of other parts of Los Angeles. The low land costs and the proximity to employment and cultural centers may eventually attract developers and wealthier households. However, at this point, only Boyle Heights is seeing significant evidence of the gentrification going on in neighboring Downtown. Demographic realities and restrictive zoning traditionally limited developer interest in East Los Angeles. This has led vacancy in East Los Angeles to be one of the lowest rates of any Los Angeles submarket. During these economic times, East Los Angeles is one of the most liquid submarkets in the metro, and average per-unit pricing has more than doubled over the past decade. Even a global health and economic crisis can’t deter investors’ appetite for local apartments, and several sizable trades have closed since the introduction of COVID-19.
Category: Apartments, Multifamily
Tags: Apartments, los angeles, market report, Multifamily
Multifamily in the East Los Angeles submarket is generally smaller, older, and less luxurious compared to other parts of the Los Angeles metro. As a result, average rents in this market remain among the lowest in Los Angeles. However, in recent years, low vacancies translated into healthy rent growth. The combination of low vacancies, healthy rent growth, below-average prices, and proximity to Downtown attracts investors priced out of other parts of Los Angeles. The low land costs and the proximity to employment and cultural centers may eventually attract developers and wealthier households. However, at this point, only Boyle Heights is seeing significant evidence of the gentrification going on in neighboring Downtown. Demographic realities and restrictive zoning traditionally limited developer interest in East Los Angeles. This has led vacancy in East Los Angeles to be one of the lowest rates of any Los Angeles submarket. During these economic times, East Los Angeles is one of the most liquid submarkets in the metro, and average per-unit pricing has more than doubled over the past decade. Even a global health and economic crisis can’t deter investors’ appetite for local apartments, and several sizable trades have closed since the introduction of COVID-19.
Recent Articles
Recent Media & Thought Leadership
4/29/2024
Q1 Multifamily Market Report | Denver, CO
Q1 Denver Multifamily Market Report Market Overview The Denver multifamily...
4/29/2024
Q1 Multi-Tenant Retail Market Report | Savannah, GA
Savannah Multi-Tenant Retail Market Report Market Overview With a strong...
4/29/2024
Q1 Multi-Tenant Retail Market Report | Augusta, GA
Q1 Augusta Multi-Tenant Retail Market Report Market Overview The Augusta...
4/26/2024
Q1 Industrial Market Report | Northwest Houston
Northwest Houston Industrial Market Report Houston Northwest Inner Loop Submarket...
4/26/2024
Retail Market Report | Gilbert & Chandler, AZ
Gilbert & Chandler Retail Market Report Gilbert Submarket Overview The...
4/25/2024
Things to Consider If Your Hotel PIP Is Coming Due
Navigating Hotel PIPs For hotel owners, embracing a property improvement...
4/25/2024
Medical Office Market Report | Houston, TX
Houston Medical Office Market Report Market Overview Houston’s status as...
4/25/2024
Q1 Retail Market Report | Houston, TX
Houston Retail Market Report Macroeconomics: Federal Funds Rate The Fed...
4/25/2024
The Texas Property Tax Dilemma
The Texas Property Tax Dilemma | What NNN Owners Need...