Los Angeles apartment market set for significant growth

Los Angeles should see an increase in apartment growth.

The vacancy rate in downtown Los Angeles is quite low, but new developments are on the way, which could help further improve the situation for property management companies in the area, according to Los Angeles Downtown News.

At present, there are close to 10 buildings either already being built, or will begin construction in the next five quarters. These properties will have approximately 2,400 apartment units, which will help cut down on the high occupancy rate in the area, the news source reported. Many properties in the area are close to capacity, or are already full.

"The rental market, it's amazing," Barry Shy, a Los Angeles-area commercial property manager, told the news source. "I have no vacancy and the rent keeps going up."

Citing the Casden Multifamily Forecast from the University of Southern California Lusk Center for Real Estate, the news source added that the rental rate for the downtown Los Angeles area rose more than 18 percent in the past two years. A total increase of 6 percent is expected this year.

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