Apartment construction improves in Los Angeles

Los Angeles has experienced an improvement in new construction.

More commercial property managers in California may have noticed an improved situation in the Los Angeles apartment market, as new construction has ramped up in the city, according to The Wall Street Journal.

In total, there are 1,526 new apartment units currently being built in the downtown part of Los Angeles. While it is still a large amount lower than the market's peak of 8,224 in 2007, the situation has strengthened, the news source reported. Most of the new construction will be for rental-only properties, which is likely due to the continued sluggish nature of properties that are for sale.

"It's anyone's guess when we get back to the ferocity we experienced before the crash, but it's good news," Carol Schatz, president of the Central City Association of Los Angeles, told the news source.

Overall apartment rents have improved during the first part of 2012, which is a welcome sign after home prices declined significantly in Los Angeles County to start the year, the news source added. Continued employment issues in the city may cause some problems, but overall, a jump in Los Angeles' tech sector has given some apartment owners the ability to increase rent levels.

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