L.A. rent is falling, with some big drops in luxury buildings


Los Angeles Times (August 11, 2020) -- The coronavirus economic downturn is bringing rents down in major cities across the country, including Los Angeles, as landlords seek to fill rising vacancies by trimming prices.

In downtown Los Angeles, rent for a 566-square-foot one-bedroom at the Eighth and Grand luxury apartments would have set you back at least $2,286 at the end of January, according to a listing on Zillow.

As of Thursday, the same size unit at the building with a Whole Foods on the ground floor was advertised for as low as $1,771.

A few blocks away, at another luxury building, monthly rent for the cheapest 1,284-square-foot, three-bedroom unit has come down $385, to $3,870. Walk a bit more and you’ll find more discounts, often with extra goodies such as two months’ free rent.

Read more at: Los Angeles Times