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Los Angeles Apartment Construction is Focused in Pricey Neighborhoods

Los Angeles Apartment Construction is Focused in Pricey Neighborhoods

Apartment construction in most U.S. metros is concentrated in comparatively expensive neighborhoods. Metro Los Angeles provides a good example of that pattern. Of the 19,210 apartments under construction across Los Angeles County, 58% of them are on the way in neighborhoods where typical rents are at least 10% above the metro average. Downtown Los Angeles, Hollywood and Santa Monica/Marina del Rey are especially active building zones. Neighborhoods with typical rents right around the metro average of roughly $2,200 contain 29% of the product now under construction, with the Mid-Wilshire corridor and Burbank/Glendale/Pasadena accounting for most of that future supply. Just 13% of near-term additions will come online in neighborhoods where rents are at least 10% under the metro norm. Long Beach and Northridge/North San Fernando Valley are the two key construction spots in the more-affordable neighborhood category.

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