Downtown Rent Prices Set to Explode

Today’s MLS data reports that the average Downtown rent has increased from $2,606 ($2,400 median) in the last half of 2013 to $3,021 ($2,725 median) currently. That’s $300 to $400 per month more rent today than just 2 years ago.  Unfortunately, that is just the beginning.

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Think Downtown Los Angeles rent prices are already high?  Wait a few years.  While we are dazzled by the amazing transformation of Downtown into the most exciting place on earth, the average Downtown rent will hit $4,000 in the blink of an eye.  The Atlantic reports that over the next 10 years, the rental population in the U.S. will climb by about 4 million people. And that growth rate pales in comparison to the blistering speed of Downtown population growth.

Census Bureau data puts DTLA’s 2000 population at 27,849 people, but the 2013 total (according to the Los Angeles Downtown Center Business Improvement District) almost doubled, reaching 52,400, says KPCC.

Of the  57 residential construction projects currently under way in Downtown Los Angeles, only 3 are condominiums for sale.  Investors are placing billions into rental communities because their projections show huge profits coming at the expense of renters over the next 10 to 20 years.  No developers have converted new condo lofts in Downtown in more than 2 years. And none have plans to convert any more soon.

Those who think it is cool to rent now and buy later will unfortunately find that home prices will rise in a corresponding manner, locking out the average buyer. Only the wealthy will be able to purchase a nice place, and only the wealthy will be able to easily afford to rent an attractive loft or apartment.  The average renter will be forced to spend more than 30% of income on rent, or live with additional roommates.

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Corey Chambers, Realty Source Inc, BRE#01889449

Art House Lofts Downtown Los Angeles Arts District

1200 S Santa Fe Avenue, Los Angeles, CA 90021

Art House Lofts

ART HOUSE FOR SALE  |  ART HOUSE FOR LEASE  |  UNLISTED FOR LEASE

The L.A. Loft Blog presents Live-work lofts in the Arts District of Downtown L.A.

A 1909 gem, Art House is a brick 53-unit, four story, live/work factory building that encompasses creative and industrial architecture. The local community consists of artists, freelancers, writers, enthusiasts, and visionaries. This century old building is located in the South Arts District of Downtown and is walking distance to Stumptown Coffee, Bread Lounge, Bestia, American Tea Room, and so to be SOHO House. The newly renovated units are true lofts complete with top of the line appliances and finishes mending the old with the new. #arthouse #lofts

Loft apartment residents laud the overall value, affordable parking, beautiful loft units with brand new stainless steel appliances and walk-in showers in the bathroom.  Renters shop around many buildings in the downtown area and have reported that no building even compared to the units at Art House. The elevator is large, making for an easier move-in.  We’ve been told that a dog run is in the works. With the North part of the Arts District getting expensive and overcrowded, Art House has a reputation for better balance between privacy and convenience.

Features and Amenities:
– Unique Floor Plans
– Brick Walls
– 12 to 14 ft Ceilings
– Large Bathrooms with Walk-in Showers
– Stainless Steel Appliances: Refrigerator, Electric stove/Oven, Microwave, Dishwasher+
– Custom Oak Wood Floors
– Polished concrete floors*
– Gym
– Laundry Room
– Gated Parking
*First floor units have polished concrete floors
+On available floor plan

ART HOUSE FOR SALE  |  ART HOUSE FOR LEASE  |  UNLISTED FOR LEASE

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Your Home Sold GUARANTEED or I’ll Buy It*

Corey Chambers
(213) 880-9910
coreychambers@yahoo.com
http://www.laloftblog.com/

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449  Not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

Based on information from the Association of REALTORS®/Multiple Listing as of [date the AOR/MLS data was obtained] and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

*seller and Corey must agree on price and time of possession – details and conditions visit coreychambers.com