As Downtown Los Angeles experiences an exodus of office workers, the demand for apartment living has surged, with occupancy rates rising to 90.8% and rents reaching an average of $2,838. The opening of new multifamily developments has also bolstered this trend, even as the overall neighborhood population remains static since 2019. Notably, despite ongoing challenges posed by remote work and high office vacancies, Downtown L.A. continues to maintain its attractiveness for renters, highlighting the strength of its residential market.
The multifamily occupancy in Downtown Los Angeles has climbed to 90.8%, indicating a resilient rental market amid increased demand and reduced office occupancy.
Despite the continued impact of remote work leading to 31% office vacancy, Downtown rentals have remained strong, reflecting a significant appeal for apartment living.
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