West Hollywood is surrounded by some of Los Angeles’ premier employment hubs. This affluent city is primarily residential but provides residents with a dense urban feel. Santa Monica Boulevard runs through the submarket, boasting a range of bars, restaurants, coffee shops, and parks. Many young professionals reside in West Hollywood as it provides a live/work/play environment. As a result, this translates to higher rents, around $2,550/month. The global pandemic has exacerbated vacancies and rent declines in the market for the first time in ten years. Despite this, West Hollywood still appeals to investors, as indicated by the same amount of deals closing in 2020 as 2019. Due to the impressive deal volume leading up to the pandemic, experts believe the area’s strong demand drivers will drive deal velocity to resume after the market normalizes.
In this report, you will find:
- West Hollywood Population Trends and Economic Demographics
- New Multifamily Development
- Occupancy and Rent Trends
- Multifamily Sale Comparables