DTLA Multifamily Back On Track After Anemic Yearend

Carol Schatz is the president and CEO of the DCBID.

The multifamily occupancy rate in Downtown Los Angeles has climbed above 90% after hovering between 87% and 89% in the second half of 2017. According to the first quarter report from the DCBID, DTLA occupancy increased 4.7% to 92.7%. Rental rates also rebounded in the first quarter, up 2.4% to $2.95 per square foot, while effective rents also increased 1.5%.

“The dynamism, convenience, and excitement of urban living continue to be huge draws. Nowhere else in Los Angeles do you have the walkability, cultural diversity, and connectedness of DTLA,” Carol Schatz, president and CEO of the DCBID, tells GlobeSt.com. “As the rest of the city gets more and more congested, DTLA gets increasingly walkable. What were once parking lots, are now apartments, restaurants, retailers, fitness centers, night clubs, and more. Combine this overwhelming demand with the increasing supply of quality options, and you have the makings of record-setting numbers.”