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The pandemic has significantly shifted dynamics in West Los Angeles’ apartment market. Once known as one of the highest-barrier-to-entry markets in the nation, the Westside is now a buyer’s paradise. Due to increased vacancy rates and low transaction volume in the last year, multifamily investors now have the upper hand in negotiations.

“Overall, West L.A/Santa Monica is one of the priciest rental markets in the Los Angeles area. Because of that, it was also the hardest hit from a vacancy standpoint as devastating job losses occurred as a result of the COVID crisis,” Kimberly R. Stepp, a principal with Stepp Commercial, tells GlobeSt.com. “A significant number of renters in these areas were forced to seek out other living arrangements like sharing an apartment with more roommates; moving in with family; or seeking less expensive/less desirable L.A.-area living locations. Some were primarily focused on a search of affordable / strong employment markets such as Phoenix, Nashville, Austin, Dallas, and other metros where there are also favorable tax advantages.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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