Dear Friends and Family,
As we approach the last two months of 2021, here are some of the latest developments related to housing in Los Angeles. Rental income for multifamily properties continues to grow substantially, with some expecting it to do so for at least another year. Residential buildings follow the lead of commercial buildings and redesign their common spaces to encourage social distancing and stop the spread of COVID-19. The Los Angeles City Council takes a step to address homelessness by approving funding for permanent housing projects in Hollywood and Venice. Finally, on a related note, tiny home communities are popping up to provide unhoused Angelenos with shelter and stability.
Apartment Rents Have Another 24 Months of High Growth
Adler, however, is bullish on continued strong rent growth. She expects another 18 to 24 months of high growth, noting that it won’t be in the 20% range, but it will be substantial. Adler also noted that inflation has not yet worked into rents yet, which could help to boost growth. “It’s a great time to be in multifamily,” said Adler on the panel.
Apartment Amenities Get the Social Distancing Treatment
“You are still seeing a lot of the same common amenities, but the scale of those is going down. Instead of one large fitness facility in an apartment complex, it will get split up into two or three fitness centers so that the equipment is more spread out and there are less people in one space,” Brown tells GlobeSt.com. “That follows through with common outdoor spaces and clubrooms. All of those spaces are being broken down in order to provide spaces that people are comfortable in.”
LA City Council Eyes Venice, Hollywood Homeless with $56M
The Los Angeles City Council approved $56 million in funding for permanent supportive housing projects in Hollywood and Venice –– home to the famous boardwalk that’s become a heated center of the debate over the public health crisis of homelessness. The project in Venice is from prolific affordable-housing developer Thomas Safran & Associates.
These Tiny Homes in Los Angeles Offer the City’s Homeless a New Lease on Life
“This has given me a place to reconfigure myself and build up to my new home,” Bracey told CNN. “It put me back into practice of being consistent in the normal things that you do. It grounds you.” Bracey moved into the 64-square-foot home in February. It features a bed, air conditioner, racks to hang her colorful clothes and, most importantly, a door that locks. “It’s the first time in a long time that I don’t feel like someone is going to come up on me,” said Bracey.
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As always, please respond with your questions, comments, and thoughts. Until next time, hope you have a great rest of your day!