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Los Angeles, CA in the News
Record Apartment Conversions Make 2021 Most Successful Year in Adaptive Reuse
One-quarter of the conversion projects in the pipeline are located in former offices and will result in more than 12,300 apartments. One such example is the Mayer Building, the stunning Los Angeles landmark that is expected to create 79 affordable apartments.
In fact, LA prides itself on having the highest number of future residential conversions overall, with more than 4,300 apartments set to be redeveloped as of 2022. Another future project is the notorious Cecil Hotel which recently reached world fame due to it being featured in a popular Netflix documentary. The building is expected to be a mix of hotel and apartment building, housing a total of 290 units.
Picket Fences for Rent: 100+ Suburbs Transitioned to Majority Renters in Last Decade
Nearly 40 of the suburbs that transitioned to renter-majority in the last decade belong to just three metros: Washington, D.C. (14); Miami (13); and Los Angeles (12).
The largest of the three metros, Los Angeles, is also home to one of the most famous suburbs in the world, which is now mostly renters. Specifically, about 51% of the people living in Beverly Hills, CA, are renters — a result of a steady increase in renter share during the last 10 years. Here, people living in rented homes have a median income of $81,000 — one of the highest of the 103 renter-majority suburbs.
1 in 3 Renters Are Looking to Upsize to an Extra Bedroom: What It Costs & Where to Upgrade for Less
In Los Angeles, you can only get that much-needed home office space if you’re able to pay 39% more in rent (or $923). However, strolling on the Santa Monica Pier whenever you feel like it or spotting Leonardo DiCaprio at a game at Dodger Stadium — priceless!
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