LOS ANGELES—Hollywood multifamily is competing with the Westside. In fact, according to market expert Curtis Palmer, an executive managing director at ARA Newmark, the Hollywood market is garnering higher rents than all Westside markets, aside from Santa Monica.
“With the exception of Santa Monica, Hollywood rents are higher than rents on the Westside. You are getting really high paying media and tech jobs where the typical workers are making six-figure salaries, but that doesn't necessarily mean that they can afford to buy homes in that market,” Palmer tells GlobeSt.com. “This market really caters to millennials that are making high incomes but that don't the financial wherewithal to plop down equity on a house. However, they can qualify for $4,000 to $6,000 per month in rent.”
The increased demand from multifamily tenants began with the tremendous job creation at Columbia Square and ICON, which together brought Viacom and Netflix from the Westside as well as staples like NeueHouse from New York. “The thing that is really helping multifamily in Hollywood is all of the new jobs that are being delivered, both at Columbia Square and ICON,” adds Palmer. “There is a merger between tech and entertainment. Tech needs content and entertainment needs distribution. There is really great marriage between the two, and we just keep seeing more job creation because of it.”
Hollywood certainly has a lot to offer millennial tenants. It is geographically central to almost everything in Los Angeles, and it has built in nightlife and shopping. Palmer also notes that the already established Red Metro Line runs through the market. “It is early in the process, but Hollywood is a can't miss,” he says. “Most renters in Hollywood are between 25 and 40, and they are single. For that demographic it is the best place to live.”
LOS ANGELES—Hollywood multifamily is competing with the Westside. In fact, according to market expert Curtis Palmer, an executive managing director at ARA Newmark, the Hollywood market is garnering higher rents than all Westside markets, aside from Santa Monica.
“With the exception of Santa Monica, Hollywood rents are higher than rents on the Westside. You are getting really high paying media and tech jobs where the typical workers are making six-figure salaries, but that doesn't necessarily mean that they can afford to buy homes in that market,” Palmer tells GlobeSt.com. “This market really caters to millennials that are making high incomes but that don't the financial wherewithal to plop down equity on a house. However, they can qualify for $4,000 to $6,000 per month in rent.”
The increased demand from multifamily tenants began with the tremendous job creation at Columbia Square and ICON, which together brought Viacom and Netflix from the Westside as well as staples like NeueHouse from
Hollywood certainly has a lot to offer millennial tenants. It is geographically central to almost everything in Los Angeles, and it has built in nightlife and shopping. Palmer also notes that the already established Red Metro Line runs through the market. “It is early in the process, but Hollywood is a can't miss,” he says. “Most renters in Hollywood are between 25 and 40, and they are single. For that demographic it is the best place to live.”
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