While the housing crash may have temporarily halted the dramatic growth in downtown LA's residential sector, new retail and restaurant openings continued. Now, as the housing market recovers, developers are clawing to get back to building residences.
"'The rental market, it's amazing,' said Shy, who already owns some 1,200
apartments in five Downtown buildings. 'I have no vacancy and the rent
keeps going up.'"
"He is far from alone," says Vaillancourt. "A chorus of experienced Downtown developers are
all responding to current market conditions: Central City apartment
occupancy is at an all-time high, with some area landlords reporting
that their buildings are about 98% full."
With 28,861 housing units reportedly located in downtown at the start of 2012, many don't think the projected growth over the next few years (8%) will do much to alleviate soaring prices.
"[Tom] Gilmore, one of the first modern era developers to build housing in
the Downtown core, said the units forecast to come online in the next
few years represent a drop in the ocean, chiefly because the area
remains home to some 500,000 jobs. The residential population is
estimated to be around 50,000," notes Vaillancourt.
"You have to always go back to the fundamental math
of how many jobs are there versus how much housing, and the ratio is
still way out of whack," Gilmore said. "We could probably use 200,000
more units of housing."
Read the full story: The Next Downtown Apartment Boom
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